LIBRARY
OF THE
ESSEX
INSTITUTE
INSTITUTE
PRESENTED BY
rrfurv Rcfeur \j^<
The Library Committee shall divide the books and other
articles belonging to the Library into three classes, namely,
(a) those which are not to be removed from the building,
(b) those which may be taken only by written permission
of three members of the committee; (c) those which may
circulate under the following rules. _ .. „ ^
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anv damage they sustain while in their possession, and to
replace the same if lost, or pay a sum fixed by the Library
Committee. _ T . .
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excepting to a member, under a penalty of one dollar for
each offence. , . .
The Library Committee may allow members to taKe
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a ^o 1 persoii shall retain any book longer than four weeks
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The Librarian shall have power, by order of the Library
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On or before April fifteenth, all books shall be returnea
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imposed for each volume detained.
i „ 1 1 v. ^ ^ ii^. .,^,,1 oirnnlotp nnr.il rmo month
THE
ROBINSON
COLLECTION
or
BOOKS
ON
ORIENTAL
COIN AG E
Received
I
r —
!
T PI E
AIERICAI BOFD DETECTOR;
AND
Complete History of the United States Government Securities ;
ISSUED UNDER THE SANCTION OF THE UNITED STATES TREASURY DEPARTMENT,
AND CONTAINING
SUPERB ILLUSTRATIONS, 1 1ST GENUINE TINTS,
PRINTED AT THE TREASURY DEPARTMENT, FROM THE ORIGINAL DIES IN THE POSSESSION OF THE GOVERNMENT,
©f aff f(}<> mb * r ffp 1 ids of from 17, 1861, to 7S<trc() 3, 1868,
TOGETHER WITH
A FULL DESCRIPTION OF ALL GENUINE PLATES,
ALSO,
VALUABLE PLATES OF EXISTING COINS, AND IMPORTANT STATISTICAL TABLES.
W A S II I iST Gr T 0 1ST , D. C. :
PUBLISHED BY THE AMERICAN BOND AND CURRENCY DETECTOR COMPANY,
TO WHOM ALL ORDERS SHOULD BE ADDRESSED.
1 8 6 9 .
CARD
CATALOGUED.
Entered according to Act of Congress, in the year 18G9, by
JOHN P. DALE,
in the Clerk’s Office of the District Court for the District of “Massachusetts.
TABLE OF CONTENTS.
].
2 ,
3.
4.
5.
6 .
7.
8 .
9.
10 .
11 .
12 .
13.
14.
15.
16.
17.
18.
Introduction
Government Securities.
Process of Engraving and Printing Bonds, Notes, etc
Art of Detecting Counterfeits, with Rules for general guidance.
Existing Counterfeits
Counterfeit Coupons. ......
Description of Genuine Plates, illustrated
Ancient Coins and Coinage.
Modern Coins and Coinage, illustrated
Joseph Jenks, the Coiner of the Pine Tree Shilling
o' •••••••••«.
The System of National Banks, by Hon. E. G. Spaulding
Legal Tenders. ......
Casdear s Method of Preventing the Alteration or Addition of figures or numbers upon Bonds, Notes, etc.
Description of the United States Treasury Building.
Regulations for the Conversion and Transfer of Bonds at the United States Treasury Department.
Official Debt-Statement of the United States, September 1, 1869.
Statistical Tables
Index.
Page
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5.
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B
LIST OF ILLUSTRATIONS.
Sections of $50, $100, and $500 Coupon Bonds, Five-Twenties of 1862 Plate No. 1.
Full face $1,000 Coupon Bond, Five-Twenties of 1862 Plate No. 2.
Full face Counterfeit $1,000 Coupon Bond, Five-Twenties of 1862 Plate No. o.
Reverse of Counterfeit $1,000 Coupon Bond, Five-Twenties of 1862 Plate No. 4.
Sections of $50, $500, and $1,000 Coupon Bond, Sixes of 18S1. Plate No. 5.
Full face $100 Coupon Bond, Sixes of 1881. . .......•••••••• Pl a t e ^°- 6.
Full face $10,000 Registered Bond, Sixes of 1881. Plate No. 7.
Sections of $5,000, 1,000, $500, $100, and $50 Registered Bonds, Sixes of 1881 Plate No. 8.
Full face $1,000 Coupon Ten-Forty Bond Plate No. 9.
Sections of $500, $100, and $50, Coupon Ten-Forty Bonds Plale No. 10.
Full face $5,000 Registered Ten-Forty Bond. Plate No. 11.
Sections of $10,000, $1,000, $500, $100, and $50 Registered Ten-Forty Bonds Plate No. 12.
Full face $10,000 Registered Five-Twenty Bond of 1864 — supplementary. .......... Plate No. 13.
Sections of $5,000, $1,000, $500, $100, and $50 Registered Five-Twenty Bonds of 1864 — supplementary Plate No. 14.
Sections of $100, $1,000, and $50 Coupon Five-Twenty Bonds of 1864 — supplementary. ....... Plate No. 15.
Full face $500 Coupon Five-Twenty Bond of 1864 — supplementary. ........... Plate No. 16.
Sections of $10,000, $5,000, $1,000, $100, and $50 Registered Five-Twenty Bonds of 1865 — supplementary. . . . Plate No. 17.
Full face $500 Registered Five-Twenty Bond of 1865 — supplementary. ........... Plate No. 18.
Full face $1,000 Five-Twenty Coupon Bond of 1865, 1867 and 1868 — consolidated. ........ Plate No. 19.
Sections of $50, $100, $500, $1,000, $5,000, and $10,000 Registered Five-Twenty Bonds of 1865, 1867 and 1868 — consolidated. Plate No. 20.
Distilled Spirits, Beer and Cigar, Internal Revenue Stamps Plate No. 21.
Full face $1,000 Pacific Railroad Bond. ................. Plate No. 22.
Coins of all Nations Supplementary Plates, Nos. 1 to 8 inclusive.
INTRODUCTION.
I ^IIE Publishers, by and with authority from the United States Treasury Department, and after months of indefatigable labor, and at great
expense, have the pleasure of offering to the public a work, unequaled either in merit or art by any similar production, fully illustrating
the Government bonds, and 'providing a correct method for the detection of counterfeits.
The necessity for such a work has long been felt, not only by the business portion of the community, but by all interested in Government
securities and the finances of the country. Several attempts have hitherto been made to meet this necessity, but in every instance have proved
failures, through the want of time, perseverance, patience, and the facilities to make the research necessary to prosecute successfully an
enterprise so extensive as this.
The work contains a complete history of all the bonds issued by the United States Government, commencing with those authorized under
the Act of Congress of July 21, 1841, and closing with those issued under Act of March 3, 18G8, known as the Five-Twenties of 1868, with
complete illustrations , printed from the original plates, in original tints of the bonds, with coupons attached, issued under Acts of Congress
from July 17, 1861, to March 3, 1868; making in all twenty beautiful plates, 10 by 13i inches, illustrating fifty bonds of different denomina-
tions. It also contains the one thousand dollar five-twenty (01000 5-20) counterfeit bond, printed from the plate recently captured by the
Secret Service Division of the Treasury Department, with the facts and incidents connected with the arrest of the counterfeiters, and capture
of the plate, bonds, etc., etc. Also, the Union Pacific, Central Pacific, and Kansas Pacific Piailroad bonds, together with the whisky, beer,
and cigar revenue stamps.
In addition to the above, the work contains nine plates, 10 by 13 finches, illustrating the obverse and reverse of all the different denom-
inations of Gold, Silver, Copper and Nickel Coins ever used in the United States and Territories, and printed in the original colors of the
metal; commencing with the first coin (the old Colonial Pine Tree Shilling of 1652), and including the Gold and Silver coins of Spain, Por-
tugal, Austria, The Netherlands, Belgium, Russia, Greece, Denmark, Sweden, Norway, Helvetia, Mexico, South America, and the Gold, Silver
and Copper coins of Great Britain.
0 ,
INTRODUCTION.
If the book simply contained what has already been set forth, it could not he considered an exaggeration to say that this would be sufficient
to make it an indispensable work of reference for every banking and mercantile house, both in America and Europe, as well as a desirable ac-
quisition for every family library and an ornament to any parlor table. The publishers do not, however, terminate this elaborate work at this point,
but they extend the enterprise still farther, making it the most complete and instructive publication of the kind extant, by adding some of the
most valuable and important statistics from the archives of the Nation, such as the debt of the United States at various dates, from the organiza-
tion of the Government, in 1789, to the close of the fiscal year, June 30, 1869, showing the increase and decrease of the same during that
period ; a tabular statement showing when the debt of the United States can be paid, with estimates of population, expenses and taxes ; a
description of the United States Treasury building at Washington, cost of erecting and remodeling the same; organization of the United States
Mints and branches, and where located, with the entire coinage of the same from their organization in 1793 to June 30, 1869; tabular state-
ments of the revenue collected from March 4, 1789, to June 30, 1869, under the several heads of Customs, Internal Revenue, Direct Tax, Post-
age, Public Lands, and Miscellaneous Sources, with receipts from Loans and Treasury Notes, and total receipts : also a statement of expendi-
tures, from the same date to June 30, 1869, under the several heads of Civil List, Foreign Intercourse, Navy Department, War Department,
Pensions, Indian Department, and Miscellaneous Sources, with the Interest and the Principal of the public debt; a tabular statement exhibiting
the gross value of the exports and imports from the beginning of the Government, in 1790, to June 30, 1868 ; and the history of the first
coinage of England, its denominations, and progress to the present time ; the first discovery of gold, and subsequent discoveries of any note,
in what Country, States, etc., etc., with the percentage produced by America and Europe; the national debt of Great Britain, France, Austria,
Russia, Italy, Spain, The Netherlands, Turkey, Prussia, Portugal, Hamburg, and Greece, with population and average amount per capita.
Being desirous of making this work unquestionably reliable, the publishers have spared neither pains nor expense in procuring the best talent
the country afforded for that purpose. They have, in its preparation, relied chiefly upon the officers connected with the United States Treasury
Department, all of whom have cheerfully rendered every assistance in their power to insure a successful consummation of the undertaking. They
desire to acknowledge their obligations to Ex-Secretary Hon. Hugh McCulloch, and to the Hon. George S. Boutwell, Secretary of the Treasury,
Judge Wm. A. Richardson and John F. Hartley, Esq., Assistant Secretaries ; Wm. II. West, Esq., Chief Clerk, Gen’l Francis E. Spinner, United States
Treasurer, Hon. H. R. Hulburd, Comptroller of the Currency, and John Jay Knox, Esq., Assistant Comptroller; Hon. E. C. Banfield, Solicitor of
the Treasury, and Col. II. C. Whitley, Chief of the Secret Service Division. To Geo. B. McCartee, Esq., Superintendent of the Printing Bureau,
George W. Casilear, Esq., Chief of the Engraving Department, A. B. Mullett, Esq., Supervising Architect, W. II. Andrews and J. R, Bigelow, Esqrs.,
of the Loan Branch, and W. H. Coleman, Esq., Chief of Division in the Secretary’s Office, they are deeply indebted for the great interest manifested
to insure its success. To many others, not connected with the Government service, their acknowledgments are tendered, among whom are
Jay Cooke, Esq., Hon. E. G. Spaulding, Hon. Wm. E. Chandler, late Assistant Secretary of the Treasury, Hon. Charles B. Hall, Cashier of the
Boston National Bank, and Secretary of the Association of Banks for the suppression of counterfeiting; Hon. Hiram Price, formerly President of
INTRODUCTION.
the State Bank of Iowa, Hon. John J. Cisco, J. W. LeBames, Esq., and James Ross Snowden, Esq., formerly Director of the United States Mint,
Philadelphia.
The illustrations in this work are printed at the United States Treasury Department, from the original dies in the possession of the
Government, and are executed expressly for this purpose, by the authority and direction of the Secretary of the Treasury. They are printed
upon soft, thick plate paper, which brings out the engraving more clearly and distinctly than the thin paper upon which bonds are
printed, thus enabling examinations and comparisons to be made with greater ease and certainty than by the use of other bonds for that
purpose.
The illustrations are accompanied by a full description of each issue and every denomination of the bonds, stating in detail all the alterations
which have been made in the plates, the changes from one issue to another, and the differences which are therefore to be observed in the same
class of bonds, in vignettes, numbers, letters and dates; which alterations, changes and differences would otherwise be a source of great per-
plexity and doubt to the holders of genuine bonds.
The engravings and devices upon the bonds are composed of lathe-work, vignettes, shading, lettering, parallel ruling, marine views and war
scenes. On genuine plates these devices are perfectly formed and symmetrically grouped. Such, however, is not the case with counterfeits; and
no matter how near counterfeit work may approximate to the genuine, a close observer, with an ordinary microscope, and with these illustra-
tions from the genuine work before him, will at once detect the imperfections and irregularities which distinguish the counterfeit from the gen-
uine plates.
And upon this point it may not be improper to suggest the inquiry to the reader’s mind, how far a person, who receives a counterfeit
through carlessness or want of proper information, is guiltless of encouraging and aiding crime, when, by the exercise ol only ordinary precau-
tion, and the aid of information fully within his reach, he might neither have been imposed upon to his own loss, nor thus made to foster an
illicit and dangerous traffic. There can be no doubt that it is the duty of all who are interested in the detection of counterfeits to endeavor to
convey correct ideas in reference to the responsibility of the public in this regard.
There are now two thousand millions of Government bonds in the hands of investors, which are generally lodged, for safe-keeping, where
they are seldom seen ; and it is doubtful if many of them have ever been examined by their owners for the purpose of ascertaining their gen-
uineness. It would be unfortunate if years hence any such bonds should prove to be worthless. The importance, therefore, of being supplied
with the means of security which this work affords, will be apparent to all holders of bonds, as well as to bankers and dealers.
The publishers desire to state, for the benefit of bankers and others who may deem this work invaluable, that but a limited number of
engravings from the original plates (sufficient only for this edition) have been printed, and that, by a recent change in the law, no more can be
printed from the Government plates at the Treasury Department. The present edition, therefore, is the only one which the publishers can
give any assurance of being able to place before the public. The use of the Government dies for this edition was authorized expressly for
4
INTRODUCTION.
the purpose of furnishing bankers and the public with a positive and permanent basis for testing the genuineness of their bonds, and for the
dissemination of information believed to be of the first importance for the protection alike of individuals and the Government.
It will be seen that these plates have been carefully guarded from the liability of any possible transfer or misuse, by the adoption of a small
segmental mutilation in the form of the letter V, which effectually prevents the counterfeiter, or other designing person, from gaining any
advantage from their publication in this work. This method of mutilation has been patented by the publishers for their exclusive use.
With this brief survey of the scope and design of this work, it is submitted to the intelligent judgment of Bankers and Brokers, and all
holders of Government securities, both in America and Europe, in entire confidence that it will meet with the approbation of the public, and
of the financial and business men of the country.
GOVERNMENT SECURITIES.
A S set forth in the Introduction to this work, we propose to give a complete history of all the Government Securities issued by the Lnited
States, under Acts of Congress running from July 21, 1841, to March 3, 18G8, inclusive. The issue of Government Securities during the
past eight years has been so large, amounting to nearly $3,000,000,000, that the public is now more interested in the financial condition
of the country than at any previous period since the organization of the Government; and very general inquiry is therefore made into the
nature of the various loans which have been authorized, the amounts issued and for what purpose, and into the respective amounts of each
which are now outstanding. This information, in detail, will be found in the following
Statement of the issue of Bonds, Treasury Notes, and other Obligations of the Government, with a Syn- „
opsis of the Acts of Congress authorizing the same.
LOAN OF 1842.
Dated January 1 , 1843. Payable January 1, 1863. Interest 6 per cent per annum. Acts of July 21 , 1841 , and April 15, 1842.
By the Act of July 21, 1841, the President of the United States was authorized to borrow, within one year from the passage of the act, a
sum not exceeding twelve millions of dollars, or so much thereof as the exegencies of the Government might require, at a rate of interest not
exceeding six per centum per annum, payable quarterly or semi-annually ; the loan to he reimbursable at the will of the Secretary of the
Treasury, after six months’ notice, or at any time after three years from January 1, 1842 ; the money so borrowed to be applied to the pay-
ment and redemption of outstanding Treasury notes, and to defray public expenses.
The Secretary of the Treasury was authorized, with the consent of the President, to issue certificates of stock for this loan, transferable
only upon the books of the Treasury, and to cause such certificates to be sold, but not below par; and he was also authorized to purchase, at
any time before the expiration of the period limited for its redemption, such portions of the stock as the funds of the Government might admit
of, after meeting all demands upon the Treasury.
6
GOVERNMENT SECURITIES.
By the Act of April 15, 1842, the time for obtaining this loan was extended for one year, and the period for its redemption was authorized
to he extended, as might be determined at the date of issue, either at the will of the Secretary of the Treasury, after six months’ notice, or at
any time not exceeding twenty years from January 1, 1843. The stock was also made transferable by delivery, as well as by assignment on
the books of the Treasury, and the Secretary of the Treasury was authorized to dispose of any part of the stock, after advertisement, at the
highest price bid for the same. This Act also authorized an increase of the original loan to an amount not exceeding five millions of dollars
additional.
Whole amount authorized, $17,000,000 ; amount issued, $8,000,000; amount outstanding July 1, 1869, $6,000, on which interest has
ceased. These bonds were known as “U. S. Sixes of 1863.”
LOAN OF 1848.
Dated July 1 , 18 fS ; payable July 1, 1868. Interest 6 per cent ; payable 1st of January and July. Registered bonds: $50, $100, $200, $300, $500, $1,000,
$2,000, $3,000, $5,000, and $10,000. Coupon Bonds : $1,000, $3,000, $5,000, and $10,000.
The President of the United States was authorized by this Act to borrow sixteen millions of dollars, or so much thereof as in his opinion
the exigencies of the Government might require, reimbursable after twenty years, and bearing interest not exceeding six per centum per
annum, payable quarterly or semi-annually. The money so borrowed to be used to defray public expenses. The Secretary of the Treasury
was authorized, with the consent of the President, to cause to be prepared certificates of stock for the sums borrowed, or any part thereof,
transferable on the books of the Treasury, and, whenever required so to do, to cause coupons of interest to be attached to the certificates. The
Secretary of the Treasury was also authorized to purchase any portion of this stock at the market price, not below par, at any time before the
period limited for the redemption thereof. The bonds of this loan were known as “U. S. Six-Twenties of 1868.”
Amount authorized, $16;000,000 ; amount -issued, $16,000,000 ; amount outstanding July 1, 1869, $69,850; on which interest has ceased.
TEXAS INDEMNITY LOAN.
Dated January 1, 1850; payable January 1, 1855. Interest 5 per cent; payable 1st of January and July. Act of September 9, 1850.
This act authorized the issue of bonds to the amount of ten millions of dollars, bearing interest at a rate not exceeding five per centum per
annum, and redeemable after fifteen years from date, for the purpose of indemnifying the State of Texas for her relinquishment of all claims
upon the United States for the debts of the State, and for compensation for the surrender of the ships, forts, arsenals, custom houses, etc., which
became the property of the United States at the time of annexation.
Amount authorized, $10,000,000 ; amount issued, $5,000,000 ; amount outstanding July 1, 1869, ,$242,000 ; on which interest has ceased.
GOVERNMENT SECURITIES.
7
LOAN OF 1858.
Dated January 1, 1859 ; payable January 1, 187 4- Merest 5 per cent; payable 1st of January and July. Registered bonds , §5,000.
Act of June If;, 1858.
Coupon bonds, §1,000.
The President of the United States was authorized by this act to borrow, within twelve months therefrom, a sum not exceeding twenty
millions of dollars, to be applied to the payment of appropriations made bylaw, and to be reimbursable at any time after the expiration of
fifteen years from January 1, 1859.
The Secretary of the Treasury was authorized, with the consent of the President, to issue certificates of stock with coupons attached, lor
the amount borrowed ; such certificates to be in sums not less than $1,000, and to bear interest at a rate not exceeding five per centum per
annum, payable semi-annually. The bonds issued under this act are known as “ U. S. Fives of 1874.
Amount authorized, $20,009,000 ; amount issued, $20,000,000 ; which amount was outstanding July 1, 1869.
LOAN OF 1860.
Dated January 1, 1861 ; payable after January 1, 1871. Interest 5 per cent ; payable 1st of January and July. Registered bonds, §1,000 and §5,000. Coupon
bonds, §1,000. Act of June 22, 1860.
This Act authorized the President of the United States to borrow not more than twenty-one millions of dollars, to be used in the redemp-
tion of outstanding Treasury notes and to replace in the Treasury such notes which had been paid and received for public dues, and for no
other purpose.
The Secretary of the Treasury was authorized, with the consent of the President, to issue certificates of stock therefor, either registered or
coupon, in sums not less than $1,000, reimbursable in not less than ten nor more than twenty years, and bearing interest not exceeding six
>per centum per annum. The bonds of this loan are known as “U. S. Fives of 1871.”
Amount authorized, $21,000,000 ; amount issued, $7,022,000 ; which amount was outstanding July 1, 1869.
OREGON WAR LOAN.
Dated July 1, 1861; payable July 1, 1881. Interest G per cent; payable 1st of January and July. Denominations, §50, §100, and §500. Act of
March 2, 1861.
This Act authorized the Secretary of the Treasury, should he deem it expedient, to issue two millions eight hundred thousand dollars in
coupon bonds, bearing interest at the rate of six per centum per annum, and redeemable in twenty years, for the payment of expenses
8
GOVERNMENT SECURITIES.
incurred by the Territories of Washington and Oregon in the suppression of Indian hostilities during the years 1855 and 1856. These bonds
are made payable to order, with coupons attached payable to bearer.
Amount authorized, $2,800,000; amount issued, $1,090,850; amount outstanding July 1, 1859, $945,000.
SIXES OF 1881.
FIRST SERIES.
Dated January 1, 1861; payable January 1, 1881. Interest 6 per cent; payable 1st of January and July. Registered bonds , $ 1,000 , $ 5,000 , and $10,000.
Coupon bonds, $1,000.
This Act authorized the President of the United States to borrow a sum not exceeding twenty-five millions of dollars, to be used in the
payment of current demands and for the redemption of outstanding Treasury notes, and to replace Treasury notes which had been paid and
received for public dues.
The Secietary of the Tieasury was authorized, with the consent of the President, to issue certificates of stock for the amount so borrowed,
which certificates should be either registered or coupon, in denominations of not less than one thousand dollars each, reimbursable in not less
than ten nor more than twenty years, and bearing interest not exceeding six per centum per annum.
Amount authorized, $25,000,000 ; amount issued, $18,415,000 ; which amount was outstanding July 1, 1869.
SIXES OF 1881.
SECOND SERIES.
Bated November 16, 1861; payable after June 30, 1881. Interest 6 per cent; payable 1st of January and July. Registered bonds, $50, $100, $500, $1,000, and
$10,000. Coupon bonds, $50, $100, $500, and $1,000. Act of July 17, 1861, also Supplementary Act of August 5, 1861, and Act of February 12, 1862.
By the Act of July 17, 1861, the Secretary of the Treasury was authorized to borrow, within twelve months from the passage of the act, a
sum not exceeding two hundred and fifty millions of dollars, or so much thereof as he might deem necessary for the public service, and to issue
therefor coupon bonds, or registered bonds, or Treasury notes, in such proportions of each as he might deem advisable ; the bonds to be
irredeemable for twenty years, and after that period redeemable at the pleasure of the United States, and to bear interest not exceeding seven
per centum per annum, payable semi-annually ; and the Treasury notes to be of any denomination not less than fifty dollars, payable three
years after date, with interest at the rate of seven and three tenths per centum per annum.
The Secretary of the Treasury was also authorized to issue, as a part of this loan, Treasury notes of a less denomination than fifty dollars,
not bearing interest, but payable on demand ; or Treasury notes bearing interest at the rate of three and sixty-five hundredths per centum
per annum, payable in one year from date, and exchangeable for the three year seven and three tenths Treasury notes ; but the whole amount
GOVERNMENT SECURITIES.
9
of Treasury notes not bearing interest was restricted to fifty millions of dollars. [Subsequent authority was given by Act ot February 12,
18G2, to further increase this amount ten millions.] The Secretary of the Treasury was also authorized under this act to issue not exceed-
ing twenty millions of dollars in Treasury notes, payable at any time not exceeding twelve months, and bearing interest at a rate not exceeding
six per centum per annum.
The Secretary was further authorized to negotiate not exceeding one hundred millions of this loan in any foreign country, and payable at
any designated place, either in the United States or in Europe.
The Supplementary Act of August 5, 1861, authorized the issue of bonds bearing interest at the rate of six per centum per annum, and
payable at the pleasure of the United States, after twenty years from date, for which bonds the 7 3-10 Treasury notes, issued under the original
act, were exchangeable at the option of the holder. Such bonds were not to be issued in less sums than $500, and the amount authorized was
restricted to the amount of the 7 3-10 Treasury notes thus made exchangeable.
Of the 7 3-10 Treasury notes, authorized by the original act as a part of the loan of $250,000,000, the amount of $139,999,750 was con-
verted into the six per cent twenty year bonds provided by the Supplementary Act referred to.
The total amount of bonds issued under both acts was $189,990,750, of which there remained outstanding July 1, 1869, $189,317,500.
SIXES OF 1881.
THIRD SERIES.
bated June 15 , 1S6 J ; payable after June 30, 1881. Interest 6 per cent; payable 1st of January and July. Reyistered bonds , $50, if 100, $500, $1,000, $5,000,
and $10,000. Coupon bonds, $50, $100, $500, and $1,000. Act of March 3, 1863.
The Secretary of the Treasury was authorized by this act to borrow a sum not exceeding $300,000,000 for the fiscal year 1863, and
6600,000,000 for the fiscal year 1864, and to issue therefor coupon or registered bonds, payable at the pleasure of the Government in not less
than ten nor more than forty years from date, in coin, and bearing interest at a rate not exceeding six per centum per annum, payable in coin.
All bonds and Treasury notes issued under the provisions of this act were not to exceed $900,000,000, and were to be exempt from taxation
by State or municipal authority. The act provided that $400,000,000 of the whole amount authorized might be issued in Treasury notes,
running not more than three years and bearing interest not exceeding six per centum per annum, payable in lawful money. The Secretary
issued bonds under this act, payable in 1881, and bearing interest at the rate of six per centum per annum, to the amount of $75,000,000,
which amount is now outstanding'.
This series completes all the issues of Sixes of 1881, making, with the two preceding series, and the Oregon war loan, due at the same
time, the amount of $283,677,500 ; which amount was outstanding July 1, 1869.
10
GOVERNMENT SECURITIES.
TEN-FORTIES.
Dated March 1, 1864; redeemable after March 1, 1874 > payable March 1 , IDO 4- Interest 5 per cent ; payable 1st of March and September , except upon coupon
bonds of denominations of § 50 and §100, the interest on ivhich is payable annually on the 1st of March. Registered bonds, §50, §100, §500, §1,000,
§o,000, and §10,000. Coupon bonds, §50, §100, §500, and §10,000. Act of March 3, 1863, and Supplementary Act of March 3, 1864; also act of June
30, 1864.
By the Act of March 3, 1864, supplementary to the Act of March 3, 1863, the Secretary of the Treasury was authorized to borrow not
exceeding two hundred millions of dollars for the current fiscal year, in lieu of the three hundred millions authorized for said year by the
original act, and to issue therefor registered or coupon bonds, redeemable at the pleasure of the Government in not less than five years, and
payable in not more than forty years from date, and bearing interest not exceeding six per centum per annum, payable in coin.
The third section of the Act of June 30, 1864, repealed so much of the Act of March 3, 1864, as limited the loan to the current fiscal year,
and revoked the power conferred upon the Secretary of the Treasury to borrow money and issue bonds or notes, by the first section of the Act
of March 3, 1863, except so far as affecting $75,000,000 of bonds (Sixes of 1881) which had then been advertised."^
Of the whole amount of $275,000,000, to which the loan authorized by the Act of March 3, 1863, was restricted by the Supplementary
Act of March 3, 1864, there was issued under the provisions of the Act of March 3, 1863, and of the Act supplementary thereto of March 3,
1864, in 10-40 five per cent bonds, $194,567,300, which amount was outstanding July 1, 1869.
FIVE-TWENTIES OF 1862.
Dated May 1, 1862 ; redeemable after May 1, 1867 ; and payable May 1, 1882. Interest 6 per cent; payable 1st of May and November. Registered bonds, §50,
§100, §500, §1,000, and §10,000. Coupon bonds, §50, §100, §500, and §1,000. Act of February 25, 1862 ; also Acts of March 3, 1864, and Jan-
uary 28, 1865.
The Secretary of the Treasury was authorized by this act to issue coupon bonds, or registered bonds, to an amount not exceeding five
hundred millions of dollars, redeemable at the pleasure of the Government after five years, and payable twenty years from date, and bearing
interest at the rate of six per centum per annum, payable semi-annually, for the purpose of funding the Treasury notes and floating debt of
the United States.
This act provided that all duties on imported goods should be paid in coin, or in notes which had been made by law receivable for public
dues, and for the appropriation of the coin so paid as follows :
“First. To the payment, in coin, of the interest on the bonds and notes of the United States.
Second. To the purchase or payment of one per centum of the entire debt of the United States, to he made within each fiscal year, after
GOVERNMENT SECURITIES.
11
the first day of July, eighteen hundred and sixty-two, which is to be set apart as a sinking fund, and the interest of which shall in like manner
be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall from time to time direct.
“ Third. The residue thereof to be paid into the Treasury of the United States.”
By the second section of the Act of March 3, 1864, the amount of the bonds authorized by the Act of February 25, 1862, was increased
eleven millions, and by the second section of the Act of January 28, 1865, a further increase of four millions was authorized, making a total of
$515,000,000, as follows :
Amount authorized under Act of February 25, 1862, $500,000,000
Amount authorized under Act of March 3, 1863, 11,000,000
Amount authorized under Act of January 28, 1865, 4,000,000 ^
Total, $515,000,000
Amount issued, $514,780,500; amount outstanding July I, I860, $514,771,600.
FIVE-TWENTIES OF 1864.
Dated November 1, 1864 ; redeemable after November 1, 1869 ; and payable November 1, 1884 • Interest 6 per cent ; payable 1st of May and November. Reyistered
bonds , $ 50 , $100, $500, $1,000, and $5,000. Coupon bonds, $50, $100, $500, and $1,000. Act of June 30, 1864; also January 28, 1865, and
March 3, 1864 •
This act authorized the Secretary of the Treasury to borrow four hundred millions of dollars, and to issue therefor coupon or registered
bonds, redeemable at the pleasure of the Government, after any period not less than five nor more than thirty years, or, if deemed expedient,
made payable at any period not more than forty years from date, and bearing interest at the rate of six per centum per annum, payable semi-
annually in coin.
The Secretary was authorized to dispose of such bonds, or any part thereof, and of any other five-twenty bonds remaining unsold, in
Europe, if deemed expedient, or, at his discretion, for Treasury notes, certificates of indebtedness, or certificates of deposit issued under any
act of Congress. This act provided that all bonds, treasury notes, and other obligations of the United States, should be exempt from taxation
by or under State or municipal authority.
The Secretary of the Treasury was also authorized by this act to issue, in lieu of bonds, and as a part of this loan, Treasury notes to an
amount not exceeding two millions of dollars, in any denomination not less than ten dollars, payable at any time not exceeding three years, or
redeemable at any time after three years, and bearing interest not exceeding seven and three tenths per centum per annum, payable in lawful
money, at maturity, or at the discretion of the Secretary semi-annually. Such of these notes as should be made payable at maturity to be a
12
GOVERNMENT SECURITIES.
legal tender for their face value, excluding interest, and any Treasury notes issued under this act might he made convertible, at the discretion
of the Secretary of the Treasury, into any of the bonds authorized by the act. And the Secretary of the Treasury was authorized to redeem
and cause to be canceled and destroyed any Treasury notes or United States notes heretofore issued, and to substitute, in lieu thereof, an equal
amount of the Treasury notes authorized by this act, or of other United States notes; the whole amount of United States notes issued, or to
be issued, to be limited to four hundred millions of dollars, exclusive of fifty millions of dollars for temporary purposes.
An amendment to this act dated January 28, 1865, authorized a further issue of Treasury notes for any unsold portion of the original loan.
There was issued under this act, in five-twenty bonds, $125,561,300, which amount remained outstanding July 1, 1869. There was also issued
under the preceding Act of March 3, 1864, a further amount of $3,882,500 of five-twenty bonds, dated November 1, 1864, which amount was
outstanding July 1, 1869.
CONSOLIDATED DEBT, OB FIVE-TWENTIES OF 1865, 1867 and 1868.
ACTS OF MARCH 3, 1885, AXD ATOIL 12, 1866.
By the Act of March 3, 1865, the Secretary of the Treasury was authorized to borrow, in addition to the amounts previously authorized,
any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or Treasury notes, payable at any period
not more than forty years from date, or redeemable at the pleasure of the Government, in not less than five nor more than forty years, or
redeemable and payable as aforesaid, as might be expressed upon the face ; principal and interest, or both, payable in coin or other lawful
money ; the rate of interest, when payable in coin, not to exceed six per centum per annum, and when not payable in coin not to exceed seven
and three tenths per centum per annum, and the rate and character of interest to be expressed on the bonds and notes.
The act also provided that any Treasury notes issued thereunder should be convertible into the bonds authorized by the act. And it was
further provided, that any Treasury notes, or other obligations bearing interest, issued under any act of Congress, should, at the discretion of
the Secretary of the Treasury, and with the consent of the holder, be converted into any description of the bonds authorized by this act. Such
conversions of other notes than those authorized by this act were not to be considered any part of the loan of six hundred millions provided
for. This act also empowered the Secretary of the Treasury to dispose of any of the bonds or other obligations issued thereunder, either in
the United States or elsewhere, for coin or other lawful money of the United States, or for any Treasury notes, or certificates of indebtedness,
or of deposit, or other representatives of value previously authorized.
The Amendatory Act of April 12, 1866, extended this authority so as to permit the Secretary of the Treasury to receive, at his discretion,
any Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of
bonds authorized by the Act of March 3, 1865, and, also, to dispose of any description of bonds authorized by that act, either in the United
States or elsewhere, and to use the proceeds thereof for retiring Treasury notes, or other obligations issued under any act of Congress, and for
GOVERNMENT SECURITIES.
13
no other purpose : provided that this power should not be construed to authorize any increase of the public debt, and that not more than ten
millions of dollars of United States notes should be retired and canceled within six months from the passage of the act, and not more than
four millions of dollars in any one month thereafter. By a subsequent Act, the authority of the Secretary of the Treasury to retire and cancel
United States notes at the rate of four millions of dollars per month, was revoked.
The total amount of bonds issued under these acts, as a portion of the loan of six hundred millions, and for funding the Treasury notes
which were issued as the remaining portion of said loan, and for retiring and funding other notes and obligations, was 0958,448,400, which
amount was outstanding July 1, 1869, as follows: viz.,
FIVE-TWENTIES OF 1865.
JANUARY AND JULY ISSUE.
Dated July 1, 1865. Piedeemable after July 1, 1870, and payable July 1, 1885. Interest six per cent; payable 1st of January and July.
Registered bonds, 050, 0100, 0500, 01,000, 05,000, and 010,000. Coupon bonds, 050, 0100, 0500, and 01,000.
Amount issued, and outstanding July 1, 1869, 0332,998,950.
FIVE-TWENTIES OF 1865.
Dated November 1, 1865. Redeemable after November 1, 1880, and payable November 1, 1885. Interest six per cent; payable 1st of
May and November. Registered bonds, 050, 0100, 0500, 01,000, 05,000, and 010,000. Coupon bonds, 050, 0100, 0500, and 01,000.
Amount issued, and outstanding July 1, 1869, 0203,327,250.
FIVE-TWENTIES OF 1867.
Dated July 1, 1867. Redeemable after July 1, 1872, and payable July 1, 1887. Interest six per cent; payable 1st of January and July.
Registered bonds, 050, 0100, 01,000, 05,000, and 010,000. Coupon bonds, 050, 0100, 0500, and 01,000.
Amount issued, and outstanding July I, 1869, 0379,582,850.
FIVE-TWENTIES OF 1868.
Dated July 1, 1868. Redeemable after July 1, 1873, and payable July 1,1888. Interest six per cent; payable 1st of January and July.
Registered bonds, 050, 0100, 0500, 01,000, 05,000, and 010,000. Coupon bonds, 050, 0100, 0500, and 01,000.
Amount issued, and outstanding July 1, 1869, 042,539,350.
These- bonds comprise what is known as the consolidated debt of the United States, and are therefore termed "Consols.”
The entire funded debt of the United States is payable, principal and interest, in coin. This has always been the usage of the Government,
and is now confirmed by special Acts of Congress.
14
GOVERNMENT SECURITIES.
TREASURY NOTES.
ACTS OF JULY 22, 1843, AND JANUARY 28, 1847.
The Act of July 22, 1846, authorized the issue of ten millions of dollars in Treasury notes, giving the President discretionary power to
borrow any portion of that amount and to issue stock therefor. The Act of January 28, 1847, limited the amount so authorized to five millions
of dollars, and authorized an additional issue of Treasury notes to the amount of twenty-three millions of dollars, redeemable after the expira-
tion of one or two years from the date thereof, and bearing such interest as should be expressed upon the face of the notes, not to exceed the
rate of six per centum per annum. These notes were receivable for all duties and taxes imposed by the United States, and in payment of all
debts due to the United States, and for public lands sold, and were transferable by delivery and assignment, indorsed thereon by the person to
whose order they should be made payable. The act also authorized the issue of stock in lieu of Treasury notes.
The whole amount of Treasury notes issued under these two acts was $28,207,000. Amount outstanding July 1, 1869, $26,150; on which
interest has ceased.
TREASURY NOTES.
ACT OF DECEMBER 23, 1857.
The President of the United States was authorized by this Act to cause Treasury notes to be issued for such sums as the exigencies of the
public service might require, not exceeding at any time twenty millions of dollars, in denominations of not less than one hundred dollars, pay-
able after the expiration of one year, and bearing interest at a rate not exceeding six per centum per annum. These notes were to be issued,
after public advertisement, in exchange for specie, to bidders, at the lowest rate of interest not exceeding six per cent, and were also payable
to public creditors who might choose to receive them at par, and were receivable in payment of duties and taxes and of all debts due to the
United States, and for lands sold. The President was also authorized to redeem and receive these notes until January 1, 1869.
Amount authorized, $20,000,000 ; amount issued, $20,000,000 ; rates of interest five and five and one half per cent. Amount outstanding
July 1, 1869, $2,400; on which interest has ceased.
TREASURY NOTES.
ACT OF DECEMBER 17, 1860.
This act authorized the President of the United States to cause Treasury notes to be issued to an amount not exceeding ten millions of
dollars, in denominations of not less than fifty dollars, payable after one year from date of issue, and bearing interest at six per centum per
annum. The Secretary of the Treasury was authorized, with the approbation of the President, to cause such notes to be issued by the
Treasurer in payment of warrants in favor of public creditors who might choose to receive them at par.
GOVERNMENT SECURITIES.
15
The Secretary of the Treasury was also authorized to issue these notes to bidders at par, after public advertisement, at the lowest rate of
interest offered. The notes were also receivable for public dues, etc. Awards of this loan were made at a rate of interest as high as twelve
per cent per annum.
Amount authorized, $10,000,000; amount issued, $10,000,000; amount outstanding July 1, 1S69, none.
TREASURY NOTES.
ACT OF MARCH 2, 1861.
Under the Act of March 2, 1801, authorizing the issue of Treasury notes as a part of the loan of ten millions of dollars provided for by
that Act, and to substitute Treasury notes for any part of other loans then authorized, such notes to bear interest at the rate of six per centum
per annum, and to be made payable at the pleasure of the United States at any time within two years after the passage of this Act, there was
issued $22,468,100 in Treasury notes, payable in two years after date, and $12,896,350 in Treasury notes, payable sixty days after date, at a
uniform rate of interest of six per cent per annum.
There remained outstanding of the notes of this issue on July 1, 1869, the sum of $3,300,000, on which interest has ceased.
TREASURY NOTES.
ACT OF MARCH 3, 1863.
The Secretary of the Treasury was authorized by this Act to issue four hundred millions of dollars, in Treasury notes, payable at the
pleasure of the United States, or at such time or times, not exceeding three years, as might be found most beneficial to the public interests,
and bearing interest at a rate not exceeding six per centum per annum, payable in lawful money. This Act also provided that interest on
certificates of indebtedness and deposits, thereafter issued, should be paid in lawful money.
Of the $400,000,000 authorized by this Act, $211,000,000 were issued in Treasury notes having one and two years to run, and bearing
interest at five per cent. Of this sum $338,552 remained outstanding July 1, 1869 ; on which amount interest has ceased.
SEVEN AND THREE-TENTIIS PER CENT TREASURY NOTES.
ACTS OF JULY 17, 1861, AUGUST 5, 1861, FEBRUARY 12, 1862, JUNE 30, 1864, JANUARY 28, 1866, MARCH 3, 1865, AND JULY 17, 1867.
Of the three years Seven and Three-tenths Treasury notes of all issues made under the various acts giving authority to the Secretary of the
Treasury to issue Treasury notes payable in not more than three years and bearing interest not exceeding seven and three tenths per centum
per annum, payable in lawful money, in lieu of bonds authorized by said acts, and for the purpose of exchanging other notes, and authorizing
16
GOVERNMENT SECURITIES.
tlie funding of said Treasury notes into bonds, there remained outstanding, July 1, I860, $1,166,500 of the issues authorized June 30, 1864,
and March 3, 1865, and $34,900 of the issue authorized July 17, 1867, making a total of three year Seven and Three-tenths Treasury notes
outstanding July 1, 1869, of $1,201,400, on which interest has ceased.
COMPOUND INTEREST NOTES.
ACTS OS' MARCH 3, 1863; AND JUNE' 30, 1861.
Under these Acts authorizing the issue of Treasury Notes as a part of the loans therein provided for, such notes to be payable at any time
not exceeding three years, and to bear interest at a rate not exceeding seven and three tenths per centum per annum, and to be a legal tender
at their face value, excluding interest, and to be substituted for any other notes, the Secretary of the Treasury issued compound interest notes
at six per cent per annum running for three years, and payable, principal and interest, in lawful money, at maturity.
The amount of compound interest notes so issued was $217,024,160, and of this amount there was outstanding July 1, 1869, $2,871,410,
on which interest has ceased.
CERTIFICATES OF INDEBTEDNESS.
ACTS OF MARCH 1, 1862, AND MARCH 3, 1863.
The Secretary of the Treasury was authorized by these acts to issue to public creditors, in satisfaction of audited and settled demands,
certificates for the whole amount due, or parts thereof not less than one thousand dollars, payable in one year or earlier, at the option of the
Government, and bearing interest at the rate of six per centum per annum, payable in lawful money.
Amount of certificates of indebtedness outstanding July 1, 1869, $12,000.
TEMPORARY LOANS.
ACTS OS' FEBRUARY 25, 1862, MARCH 17, 1862, JULY 11', 1862, AND JUNE SO, 1864.
By the Act of February 25, 1862, the Secretary of the Treasury was authorized to receive United States notes on deposit for not less
than one hundred dollars, with any of the Assistant Treasurers or designated depositaries of the United States authorized by the Secretary ol
the Treasury to receive them, who were to issue therefor certificates of deposit made in such form as the Secretary of the Treasury should
prescribe, bearing interest at the rate of five per centum per annum ; certificates to- be returned and deposits withdrawn on ten days’ notice,
and interest to cease at the pleasure of the Secretary of the Treasury. The amount of such deposits was limited to twenty-five millions
of dollars.
GOVERNMENT SECURITIES.
17
By the Act of March 17, 1862, this limitation was so far modified as to authorize the receipt of such deposits to an amount not exceeding
fifty millions of dollars, at a rate of interest to he prescribed by the Secretary of the Treasury, not exceeding five per centum per annum.
By the Act of July 11, 1862, this limitation was repealed, and the Secretary of the Treasury was authorized to receive such deposits to an
amount not exceeding one hundred millions of dollars.
The Act of June 30, 1864, authorized the receipt of deposits as before, at a rate of interest not exceeding six per centum annually, payable
at any time after the term of deposit, and after ten days’ subsequent notice, unless time and notice be waived by the Secietary of the treasury,
and authorizing the Secretary of the Treasury to increase the interest on deposits at less than six per cent to that rate, or, on ten days notice
to depositors, to diminish the rate as the public interest might require, and authorizing the issue of fifty millions of dollars of United States
notes, including the amount already applied for that purpose, to be held in reserve and used for the prompt payment of such deposits, when
needed, and to be withdrawn and placed again in reserve as the deposits increase.
The various temporary loans were made at the rates of four, five and six per cent per annum, and there remained thereof outstanding July
1, 1869, $186,310, on which interest has ceased.
THREE PER CENT CERTIFICATES.
Payable on demand. Denominations , $5,000, and $10,000. Interest payable annually , or upon surrender. Principal and interest payable in lawful money.
ACTS OF MAKCH 2, 1867, AND JULY 26, 1888.
For the purpose of redeeming and retiring any compound interest notes outstanding, the Secretary of the Treasury was authorized and
directed by the Act of March 2, 1867, to issue temporary loan certificates, to an amount not at any time exceeding fifty millions of dollars,
bearing interest at a rate not exceeding three per centum per annum, principal and interest payable in lawful money, and entitled to be held
by the National banks as a part, not exceeding three fifths, of the reserve required to be held by them by the thirty-first and thirty-second
sections of the Act of June 3, 1864.
The Act of July 25, 1868, authorized and directed an additional issue of such certificates to an amount not exceeding twenty-five millions
of dollars. Whole amount authorized, $75,000,000; amount outstanding July 1, 1869, $52,120,000.
GOLD CERTIFICATES.
ACT OF MAKCH 8, 1863.
By this Act the Secretary of the Treasury was authorized to receive deposits of gold coin or bullion, in sums of not less than thirty dollars,
and to issue certificates therefor. The coin and bullion deposited for or representing the certificates of deposit, to be retained in the Treasury
for the payment of the same on demand. The act also provided that certificates representing coin in the Treasury might be issued in pay-
18
GOVERNMENT SECURITIES.
ment of interest on the public debt, which certificates, together with those issued for coin and bullion deposited, should not at any time exceed
twenty per centum beyond the amount of coin and bullion in the Treasury, and should be received at par in payment for duties on importa.
Amount of outstanding certificates for gold on deposit July 1, 1869, $30,489,640.
UNITED STATES NOTES.
( Known as Legal Tenders.)
ACTS OF JULY IT, 1861, FEBRUARY 12, 1862, FEBRUARY 25, 1862, JULY 11, 1862, MARCH 3, 1863, AND JOINT RESOLUTION OF JANUARY 17, 1863.
The Act of July IT, 1861, authorized the issue of Treasury notes of a less denomination than fifty dollars, but not less than ten dollars, and
not bearing interest but payable on demand, to an amount not exceeding fifty millions of dollars. This amount was increased ten millions by
Act of February 12, 1862.
The Act of February 25, 1862, authorized the issue of one hundred and fifty millions of dollars of United States notes, in denominations
of not less than five dollars, not bearing interest but payable to bearer at the Treasury of the United States. Fifty millions of this issue was
in lieu of, and to be substituted for, the Demand Treasury notes, authorized by Act of July IT, 1861. This act also provided that the United
States notes authorized thereby should be receivable in payment of all dues to the United States except duties on imports, and of all claims
and demands against the United States except for interest on bonds and notes, and a legal tender for all other debts, public and private, within
the United States.
The Act of July 11, 1862, authorized an additional issue of one hundred and fifty millions of dollars of United States notes, of the same
character, thirty-five millions of which should be of a less denomination than five dollars, and fifty millions of which should be reserved for
paying deposits.
The Joint Resolution of January IT, 1863, authorized the issue of one hundred millions of dollars of United States notes, for the immediate
payment of the army and navy; such notes to be a part of the amount provided for in any bill which might thereafter be passed.
The Act of March 3, 1863, authorized a further issue of one hundred and fifty millions of dollars of United States notes, including
the amount previously authorized by the Joint Resolution of January IT, 1863, and to be of any denomination not less than one dollar.
This act also provided for the re-issue of United States notes to replace such as might be returned to the Treasury and be canceled or
destroyed.
The Secretary of the Treasury was empowered by this act to issue a further sum of one hundred and fifty millions of dollars of United
States notes, in order to secure certain and prompt exchanges of United States notes for Treasury notes, and to be issued for or applied to no
other purpose than such exchange ; any amount so issued and applied to be replaced as soon as practicable.
Total issue of United States notes under the acts quoted, $450,000,000 ; amount outstanding July 1, 1869, $356,056,832.
GOVERNMENT SECURITIES.
19
POSTAL AND FRACTIONAL CURRENCY.
ACTS OF JULY 17, 1862, MARCH 3, 1863, AND JANUARY 30, 1867.
By Act of Congress of July 17, 1862, the Secretary of the Treasury was authorized to issue notes of the fractional parts of one dollar,
receivable in payment of all dues, except customs, less than five dollars, and exchangeable for United States notes in sums not less than five
dollars. Amount of issue not specified.
The Act of March 3, 1863, authorized the preparation and issue of fractional notes (in lieu of postage or other stamps, then used as cur-
rency), exchangeable for United States notes in sums not less than three dollars, and receivable for postage and revenue stamps, and also in
payment of any dues to the United States less than five dollars, except imports. The whole amount of postal currency authorized under this
act, including postage and revenue stamps used as currency, was not to exceed $50,000,000.
The Act of June 30, 1864, authorized the Secretary of the Treasury to provide for the engraving, preparation and issue, of notes of the
fractions of a dollar, to adopt safeguards against counterfeiting, and to make regulations for the redemption of fractional and other notes when
mutilated or defaced, and for the receipt of fractional notes for debts to the United States, except customs, not over five dollars, and extending
the provisions of the act to all other fractional notes previously authorized, and to postal currency and postage stamps used as currency, hut
continuing the limitation of the total amount to be issued at $50,000,000.
The amount of postal currency and fractional currency outstanding July 1, 1869, was $32,062,027.73.
OLD FUNDED AND UNFUNDED DEBT.
The old funded debt of the United States consists of unclaimed interest upon stocks issued prior to the year 1800 and during the war of
1814. Amount outstanding July 1, 1869, $113,915.48.
The old unfunded debt consists of Treasury notes issued prior to 1857, and not presented for redemption, amounting, July 1, 1869, to
$104,511.64.
PACIFIC RAILROAD BONDS.
Dated January 16, 1865 , and subsequently thereto. Payable thirty years from date. Interest 6 per cent ; payable 1st of January and July. Principal and interest
payable in lawful money. Registered bonds, $1,000, $5,000, and $10,000.
ACTS OF JULY 1, 1862, AND JULY 2, 1864.
These bonds w T ere issued in aid of the construction of the Pacific Railroads, and were awarded to the several companies entitled thereto
under Acts of Congress, at the rate of $16,000, $32,000, and $48,000 per mile, deliverable upon acceptance by Government Commissioners of
completed sections of twenty miles of road. The bonds run for thirty years, and bear interest at the rate of six per centum per annum,
20
GOVERNMENT SECURITIES.
principal and interest payable in lawful money. By the Act of July 1, 1862, they constituted a primary lien upon the entire property of the
roads, but the Act of July 2, 1864, makes them a second lien, giving priority to the bonds of the companies to an equal amount per mile.
Below we give a condensed statement exhibiting the length of the several Pacific Roads, and the amount of bonds issued and to be issued
to them respectively, made up to August 9, 1869.
BONDS ISSUED TO CENTRAL PACIFIC RAILROAD COMPANY.
7.18 miles, at $16,000 per mile,
150.
« 48,000 «
a
533.12 «
“ 32,000 «
a
690.30 «
. $114,880
. 7,200,000
. 17,059,720
$24,374,720
BONDS ISSUED TO UNION PACIFIC RAILROAD COMPANY.
525.078 miles, at $16,000 per mile, $8,401,248
150. “ « 48,000 « « 7,200,000
344.922 « « 32,000 “ “ 11,037,504
1020. « $26,638,752
65.88 miles, at $32,000 per mile [not yet issued], . 2,108,160
1085.88 « $28,746,912
KANSAS PACIFIC RAILWAY COMPANY, LATE UNION PACIFIC COMPANY, EASTERN DIVISION.
393.09425 miles, at $16,000 per mile, $6,303,080
CENTRAL BRANCH UNION PACIFIC RAILROAD, LATE ATC1IINSON & PIKE’S PEAK RAILROAD.
100. miles, at $16,000 per mile, $1,600,000
SIOUX CITY & PACIFIC RAILROAD COMPANY.
101.77 miles, at $16,000 per mile, $1,628,320
The foregoing statements comprise all the interest bearing and other securities issued by the United States Government during the past
twenty-eight years.
Process of Engraving and Printing Bonds, Bank Notes, &e.
W HEN an engraver takes in hand a subject, either a Vignette or Portrait, he has it reduced by the camera to the proper size he wishes to
engrave it ; he then makes a tracing of the same by placing over the reduction or drawing a piece of gelatine ; he then traces an out-
line of the subject with a fine etching tool, slightly scratching the gelatine. After the tracing is complete, he fills the lines of the
same with red chalk, and then selects a piece of properly prepared steel, of the required size and thickness, and lays upon the polished surface
an etching ground, composed of asplialtum, burgundy-pitch and beeswax, which is applied by rubbing and dabbing over the heated die until
it lays smooth over the surface of the steel. He then smokes the same over a jet of gas, or a wax taper, until the surface is quite black. After
the die cools it is ready for receiving the tracing, which is placed upon the die reversed, and submitted to the pressure of the roller press. The
gelatine is then removed and the outline, as traced in red, will be observed on the ground. The engraver then proceeds with his etching
needle or point, and etches the water or landscape, outlining the figures, etc. ; this is done by scratching the surface of the steel through the
composition or ground. After the etching is completed, a border of beeswax and pitch is closed around the etching, and a solution of nitric
acid and water, or other acids used for corroding steel, is poured on the die. The acid attacks the steel through the etched lines, or where the
metal is exposed by the removal of the ground with the point. After the action of a few minutes with the acid, the same is removed, and if
the biting is of the required depth for the lighter work, the same is stopped out with a varnish composed of asphaltum and turpentine ; and
for the parts which are to be made darker the process is renewed until the required depth of line is obtained, when the composition is removed
by turpentine, and the work is finished by the graver, which is employed exclusively for cutting in the drapery and flesh and all the small
details.
The principal tools or instruments used by the engraver are the scraper, burnisher, etching point, eye-glass, square and lozenge gravers, the
ruling machine for ruling parallel lines for water, sky, and uniform tints, and the geometrical lathe. The ruling machine carries a diamond
point, which cuts through the etching ground with great delicacy and evenness of tint. After the die is thus finished it is proved, and is then
ready for the hardening process.
The hardening or recarbonization of the die is effected by inclosing the same in a small crucible or iron box, a trifle larger than the size of
the die to be hardened, with the interstices filled with animal carbon made of ivory black or bone, and then heating the whole to a white
heat, proportionate to the character of the steel, after which the die is withdrawn from the fire and plunged into cold water. This carbonization
6
99
PROCESS OF ENGRAVING AND PRINTING BONDS, BANK NOTES, &c.
or tempering renders tlie die ready for the Transfer Process. For this purpose a soft roller, of about two and a half inches in diameter, of
decarbonized steel, is placed upon the die and then submitted to a strong pressure of the Transfer Press, with a forward and backward motion
so as to force the soft steel of the roll into the engraved lines of the subject on the die so that the impression of the engraving is seen upon the
roll in relievo. The roll or cylinder is then hardened in its turn and used in the same manner upon the surface of a decarbonated steel plate.
The result is a perfect copy of the original die, showing the finest touch of the graver. Thus from a single engraving an infinity of transfers
can be made, and can be readily repeated, in a perfect manner, with but little extra cost after the first expense of the original engraving. This
art is peculiarly adapted to Bank Notes, Bonds, Checks, etc., as by a series of rolls composed of vignettes, scroll work and lettering, they can
be used in making several copies on one plate, or series of plates, with perfect identity. The plates thus made are then cleaned by scraping
and burnishing away any uneven surface thrown up by the great pressure of the roll, and are ready for the roller printing press.
The printing process is as follows: the plate being duly rolled in with ink made of linseed oil and Frankfort black, the surplus ink is then
carefully removed, only charging with ink the engraved lines in the plate ; here the printer must use some precaution and have some apprecia-
tion of the nature of the work in hand. He can considerably vary the relative shade of the component parts, and can control the general tone
and shades of the vignettes and heads by carefully keeping the lines and shades clear in his management of wiping the plate. Thus, with
skillful hands, the printer is made to cooperate with the engraver in producing a good effect from the work. The plate is then laid upon the
plank of the press and a sheet of moist paper is laid upon its face, and the same is drawn with a strong pressure between the roller, which is
covered with blankets, and the plank, by means of cross arms attached to the press. Thus the paper takes up the ink perfectly from the
engraved lines on the plate.
Art of Detecting Counterfeits, with Rules for General Guidance.
HE art of detecting counterfeits consists in becoming thoroughly familiar with genuine work, and in bringing any new or untested bond
or note to a critical comparison with a plate known to be genuine. It will be seen that this method is precisely the opposite of the old
~ system, which made the counterfeit the basis of investigation, and which was consequently always at the mercy of any new or unfamiliar
deception; for, under that system, the counterfeit must be learned before it could be detected, while by this method, as illustrated by this
work, an accurate knowledge of the genuine, once obtained, renders any subsequent imposition impossible, except through indifference and
neglect. _
The method herein prescribed, for the detection of counterfeits, is the one adopted and relied upon by engravers, and by Treasury othcers
and bankers. The special advantages of this work to bankers and others already familiar with this method, consists in furnishing them with
the original plates of the Government bonds, thus giving them at all times an absolute test of genuine work from clear and distinct impres-
sions, and which can be conveniently preserved and kept constantly at hand for ready and permanent reference, and for facilitating the
instruction of clerks and beginners. .
The following description of the various styles of bond engraving, noting the variations therefrom as observed m counterfeits, and in 1-
cating the proper method of discriminating between counterfeit and genuine work, is commended to the careful study of all who desire to
become familiar with the art of detecting counterfeits. And the student is advised that a casual or superficial reading of these pages is not
sufficient to make him at once a master of this art. He must, by close analysis of, and careful and repeated reference to, these explanations
and directions, familiarize his mind with the facts and principles here stated, and by frequent examinations and comparison of the plates, and
of the various devices and sections of the bonds, educate his eye to an exact knowledge of the constituent elements of genuine work. In the
examination of plates and bonds the microscope should be invariably used until the eye has become sufficiently experienced to dispense
this important aid.
The devices upon bonds consist of vignettes, scrolls, borders, counters, corners, marine yiews, war scenes, etc. On genuine plates these
devices are perfectly formed and symmetrically grouped. Such, however, is not the case in counterfeits; and no mattei how near counterfeit
work may approximate to the genuine, a close observer, with an ordinary microscope, and with the illustrations in this work from the genuine
plates before him, may at once detect the imperfections and irregularities which distinguish the counterfeit from the genuine.
24
ART OF DETECTING COUNTERFEITS, WITH RULES FOR GENERAL GUIDANCE.
VIGNETTES.
The figures and likenesses, which form the principal characteristics in vignettes, are drawn in accordance with a certain ideal standard of
perfection. Female figures are generally represented with the arms, neck and feet bare, and their accuracy of proportion, and the delicacy
of the work, are important guides in determining the genuineness of the plates. The texture of the skin is represented by fine dots and lines,
an admixture of styles of engraving which is to be found in all vignettes, and the fineness and regularity of these dots and lines indicate
the quality and reliability of the work. In the human figure, upon genuine plates, the eye, mouth, hair and attitude are perfectly natural,
and the features are always sharp and striking. In counterfeits the features are usually blurred and expressionless, the eye is dull, the arms,
feet and hair imperfect, and the dots and lines, which form the face and the exposed portions of the person, are large, coarse and uneven.
A careful study of vignettes is recommended to all who desire to become expert in the art of detecting counterfeits.
THE ROUND HAND.
This form of lettering is observed in the legend on the bonds (which is the same in all), and in the words “Will pay the bearer,” on the
compound interest notes. The curves and hair lines are drawn with positive accuracy. There may be a difference in the style of letter, but
this will not change the precision of the work, as may be seen by comparing the curves and lines of one with those of another. This precision
is never attained in counterfeits, as the microscope will disclose. For genuine specimens see any of the full face bonds in the illustrations
which accompany this work.
PARALLEL RULING.
The shading of letters, and all parallel ruling upon bonds, is executed by the Parallel Ruling Machine. This machine is governed by an
index which regulates the width of the lines. On all genuine bonds the work is fine and clear, and the lines are strictly parallel. It is
executed with such mathematical accuracy that, by the aid of the microscope, the lines are seen to be perfect, and however minute, can be
easily counted. Clear skies are also usually formed of fine parallel lines. When cloudy or heavy skies are required, these lines are made to
cross each other. Sometimes sky is formed of several broken etched lines, which is the case upon some of the bonds of the consolidated debt
series. For example, see plate No. 19. Great care should be taken to learn, by an examination of the plates, which portions of such work
upon the genuine bonds is done by etching, and which by parallel ruling. Parallel ruling is a very important branch of engraving, and one
which can not be too attentively studied. For specimen of genuine work, see center of section ($500) in plate No. 1. See also the shading of
letters on all other plates representing sections of bonds. In counterfeits this work is usually coarse and imperfect, and the lines are seldom
parallel. In endeavoring to count them they will be found broken, of irregular thickness, and lacking in uniformity. Observe closely in
the genuine plates the shading of letters and all other parallel lines.
25
ART OF DETECTING COUNTERFEITS, WITH RULES FOR GENERAL GUIDANCE.
GEOMETRICAL LATIIE WORK.
The lathe work upon bonds is executed by the Geometrical Lathe, a machine which no counterfeiter can have opportunity, if he have the
means, to properly construct or perfectly operate. By the simple turning of a screw, patterns are arbitrarily formed upon the die, comprising
many variegated and beautiful combinations of geometrical figures, mathematically true to each other. This engraving can be made intricate
at will, by certain peculiar manipulations, creating at every movement of the machine an intermingling of elaborate figures of design and
finish which can never be exactly reproduced by the operator a second time. Lathe work is therefore the chief feature in bond and note en-
graving. It is found on all the Government issues of bonds and notes, commencing with the three cent scrip, and ending with the ten thousand
dollar registered bonds.
The borders, corners, denomination counters, and all oval and circular forms upon the bonds, are formed by the Geometrical Lathe.
Notwithstanding the difficulties attending a successful counterfeiting of lathe work, there has been such work executed in at least one
instance (that of the $1,000 5-20 bond), and so well and elaborately was this work performed that additional precautions against deception
have been felt to be necessary. Not only must the general clearness, exactness and finish of the genuine work be studied, but it is also
essentially requisite that the peculiar formations of the lathe engraving upon any particular genuine bond be thoroughly learned, as each plate
and figure has its own special and characteristic features.
In examining lathe work, for proof of genuineness, begin at the center of the curvilinear figures and then gradually follow the lines around
the circles, one within the other, for the discovery of special defects which would otherwise be overlooked ; also be careful and minute in com-
paring general designs.
For specimen of the best executed counterfeit lathe work now known, see plates No. 3 and 4, being the obverse and reverse pdate of the
$1,000 counterfeit 5-20 bond.
EXISTING COUNTERFEITS.
The only Government securities known to have been hitherto counterfeited are the $1,000 Treasury 7 3-10 notes, the $50 compound
interest notes, and the $1,000 5-20 bonds.
The $50 compound interest notes w r ere counterfeited to a much greater extent than the others, and so successfully was the work performed
that even experts were deceived until a critical comparison of the counterfeit with tire genuine had been made.
In the absence of such comparison as this work would render easily available, some of our largest and most experienced banking houses
were successfully imposed upon by the counterfeit 7 3-10 Treasury notes.
The counterfeit $1,000 5-20 bond presents one of the finest specimens of bond counterfeiting ever attempted. To an inex-
perienced eye it appears equal to the genuine, and it is, in fact, a most dangerous counterfeit when untested by a plate positively
26
ART OF DETECTING COUNTERFEITING, WITH RULES FOR GENERAL GUIDANCE.
known to be genuine. The plates of this counterfeit are supposed to have been engraved by the celebrated counterfeiter, Ulric, who is now
serving out a sentence in the penitentiary. We are not able to give the full details of the capture of these plates, and the incidents con-
nected therewith. A recent change in the Secret Service Division of the Treasury Department, and some prudential considerations render a
proposed statement impracticable. It is generally understood, however, that the capture was effected by strategy. Competent engravers are
of the opinion that the counterfeiter must have been at work upon the plates for two or three years. It will be observed that in several
particulars the plates are not entirely complete, but so nearly are they finished that impressions from them would be very likely to pass
unchallenged unless tested by work positively known to be genuine. The denomination counters in particular, and the side vignettes, all of
which, as well as the geometrical lathe work back, are complete, are marvels of counterfeiting skill. Great pains have manifestly been taken
to make perfect those parts which usually are particularly examined for evidences of genuineness. The coupon is extremely well executed,
and lacks but the addition of the numbers, and the slightest touches in the shading, to be almost indistinguishable from the genuine. The
whole work upon these plates shows conclusively that the art of counterfeiting has reached so high a state of perfection, that the ordinary tests
are no longer a safe reliance. This consideration has largely prompted the issue of this work.
COUNTERFEIT COUPONS.
Coupons are peculiarly liable to be counterfeited from the comparatively small expense attending their execution, and from the fact that
counterfeits have not hitherto been generally looked for in this direction. Recently, however, counterfeit coupons for the semi-annual interest
on the $100 6’s' of 1881 have been presented to the United States Assistant Treasurer, at New-York, for redemption, and paid. This
circumstance alone should lead to a close examination of all detached coupons.
The genuine coupons of all the Government coupon bonds are given in this work, and a careful study of them is absolutely important
until a complete familiarization with the distinctive features and special mechanical execution of each different issue and denomination is
attained.
A thorough knowledge of the genuine coupons will also facilitate an accurate examination of the entire bond, and materially aid in the
formation of a correct judgment of its character.
Take up the genuine coupons in this work seriatim, comparing one with another, and study until thoroughly learned.
A Description of the Bonds illustrated in this AAAork.
T T will be observed that the bonds illustrating this work are not all what are termed full face bonds, that is, we have not had the borders, the
legend and coupons, printed on each denomination. These have been partially omitted as a matter of convenience. To lepiesent all
the different denominations with full face bonds, would make a book cumbersome and unwieldly, and we therefore give one full bond of
each issue, and the rest in sections, which have been grouped, expressly for this work, by George W. Casilear, Escp, Chief of the Engraving
Department at Washington. It will be observed that the precaution has been taken of making a small segmental mutilation on these
plates, in the form of the letter V, in order to guard against any possible transfer or misuse of them. This method of mutilation has been
patented by the publishers of this work.
The geometrical lathe work, vignettes, counters, and different devices of the entire series of each issue, are represented on these bonds and
sections. For example see plates Nos. 1 and 2, comprising four different denominations. Plate No. 2 represents the full face one thousand
dollar bond of this series, as well as the legend and coupons of the $50, $100, and $500 bonds. Plate No. 1 represents the various styles of
lettering, shading, geometrical lathe work, devices, parallel ruling and vignettes of the three denominations of this series. This rule applies
to all the different issues which are represented in this work ; consequently it will be unnecessary to allude to it again, but the different issues
will be taken up seriatim, giving the number of plates engraved, and the changes since made in them, commencing with plates Nos. 1 and 2
which represent four bonds.
It will be observed that the coupons of each denomination of all the coupon bonds are given in these plates.
FIFTY DOLLAR FIVE-TWENTY BONDS, OLD ISSUE.
THIRD SERIES.
The plates of the $50 coupon bonds of this series were engraved by the Continental Bank Note Company, and printed at the Treasury
Department. For a section of this plate see plate No. 1, figure 1 ; for the legend and coupon see plate No. 2. Of this bond there were twenty
plates engraved, each bearing a check letter from A to U. Ten of these plates wmre subsequently altered from the 3d to the 4th series, and
from the check letter L to U. The center vignette was an eagle, but after changing from the 3d to the 4th series, the eagle was erased and the
vignette of Abraham Lincoln substituted. The reverse of this series was printed from electrotype plates, surface printing.
28
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
ONE HUNDRED DOLLAR FIVE-TWENTY BONDS — OLD ISSUE.
THIRD SERIES.
The plates of the $100 coupon bonds of this series were engraved by the Continental Bank Note Company. Fifteen plates were engraved
for this bond, with corresponding check letters, and were printed by the Treasury Department. They were subsequently altered from the 3d
to the 4th series, from check letter B to Q, consecutively. For a section of this bond see figure 2, plate No. 1. For legend and coupon, see
plate No. 2.
FIVE HUNDRED DOLLAR FIVE-TWENTY BONDS — OLD ISSUE.
THIRD SERIES.
The plates of the $500 coupon bonds were engraved by Geo. D. Baldwin, of New-York, and printed at the Treasury Department. Six
plates from which to print this bond were engraved, comprising check letters A to F. They have all been altered from the 3d to the 4th
series. For a section of this bond see plate No. 1, figure 3. For coupon and legend, see plate No. 2.
ONE THOUSAND DOLLAR FIVE-TWENTY BONDS— OLD ISSUE.
THIRD SERIES.
The plates of the $1,000 coupon bonds, 3d series, were also engraved by Geo. D. Baldwin, of New-York. There w r ere three plates engraved,
lettered A, B and C. For specimen of this denomination, see vignette of farmer, and lathe border in plate No. 2. The Treasury Department
also engraved seven plates of the $1,000 coupon bonds, 4th series, omitting the check letters. These plates were engraved by the Depart-
ment, and were different in design from those furnished by Baldwin, and had corresponding back plates, composed of cycloid and pantograph
tints. For fac-similie of this bond and coupon obverse, see plate No. 2. All the first issue of these coupon bonds, 1st and 2d series, were
printed as well as engraved by the Treasury Department, This bond was counterfeited. The detective force of the Treasury Department
captured from the counterfeiters a $1,000 obverse and reverse plate of this series in the course of completion. For specimens of counterfeits,
see plates Nos. 3 and 4.
ONE THOUSAND DOLLAR COUPON BONDS.
SIXES OF 1881.
There were coupon and registered bonds issued of this series. The plates of the $1,000 coupon bonds were engraved and printed by the
Treasury Department; the borders are lathe work. The cycloid figures $1,000, across the face of the bond, was printed in tint. For a section
of this bond, see plate No. 5, figure 1. For the border, coupon and legend, see plate No. 6.
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
29
FIVE HUNDRED DOLLAR COUPON BONDS.
SIXES OF 1881.
The plate from which this $500 coupon bond was printed was engraved by the Treasury Department. The lathe work border was printed
in tint. For a section of this bond, see plate No. 5, figure 2. For coupon, border and legend, see plate No. 6.
ONE HUNDRED DOLLAR COUPON BONDS.
SIXES OF 1881.
There were two face plates of this denomination engraved by the Treasury Department, check letters A and B. One of these plates —
check letter A — was subsequently changed from the issue under Act of March 3, 1861, to the issue under the Acts of July 17 and August 5,
1861. For specimen of the $100 bond, see plate No. 6.
FIFTY DOLLAR COUPON BONDS.
SIXES OF 1881.
Two face plates of this denomination were engraved, check letters A and B, with lathe work border in tint. They were engraved and
printed at the Treasury Department. The plate with check letter A was subsequently altered from the issue under Act of March 3, 1861,
to the issue under Acts of July 17 and August 5, 1861. For a section of this bond, see plate No. 5, figure 3. For coupon, border and
legend, see plate No. 6.
This closes up the coupon bonds of the issue under the Act of March 3, 1861.
REGISTERED BONDS.
SIXES OF 1881. ACT OF MAECI1 3, 18S3.
All the plates from which these registered bonds were printed were engraved at the Treasury Department. One plate of each denomina-
tion was engraved bearing check letter A. Each plate had a corresponding lathe work border printed in green. For specimen of complete
bond see the $10,000 bonds of this series, plate No. 7. For section of the $5,000 bonds, see plate No. 8, figure 1 ; for border and legend, see
plate No. 7. For section of the $1000 bonds, see plate No. 8, figure 2 ; for border and legend, see plate No. 7. For section of the $500 bonds,
see plate No. 8, figure 3 ; for border and legend, see plate No. 7. For section of the $100 bonds, see plate No. 8, figure 4 ; for border and
legend, see plate No. 7. For section of the $50 bonds, see plate No. 8, figure 5; for border and legend, see plate No. 7.
All the registered bonds of 1881, under Acts of July 17 and August 5, 1861, with the exception of the $100 and $50, were engraved and
printed by the New-York Companies.
8
30
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
ONE THOUSAND DOLLAR COUPON BONDS.
TEN-FORTIES.
The plates of both the coupon and registered ten-forty bonds of this issue were engraved at the Treasury Department, and were also
printed there. Six plates were engraved from which the $1,000 bonds were printed, check letters omitted. The backs were typographical.
For specimen of complete bond see plate No. 9. Interest on coupons paid semi-annually.
FIVE HUNDRED DOLLAR COUPON BONDS.
TEN-FORTIES.
There were two plates engraved from which to print this denomination, check letters omitted. For specimen of a section of this bond see
plate No. 10, figure 1. For coupon, see plate No. 9. Interest on coupons paid semi-annually.
ONE HUNDRED DOLLAR COUPON BONDS.
TEN-FORTIES.
There were four plates engraved for this denomination, check letters omitted. For a section of this bond see plate No. 10, figure 2. For
coupon, see plate No. 9. Interest on coupons paid annually.
FIFTY DOLLAR COUPON BONDS.
TEN-FORTIES.
Three plates, from which this denomination was printed, were engraved, check letters A, B and C. For a section of this bond see plate
No. 10, figure 3. For coupon, see plate No. 9. Interest on coupons paid annually.
All the ten-forty series, coupon bonds, were printed with typographical backs.
FIVE THOUSAND DOLLAR REGISTERED BONDS.
TEN-FORTIES.
The plate of the $5,000 ten-forty registered bonds was engraved at the Treasury Department, and the bonds were also printed there.
There was but one plate engraved for this denomination. For complete bond see plate No. 11.
TEN THOUSAND DOLLAR REGISTERED BONDS.
TEN-FORTIES.
There was but one plate engraved for the $10,000 bond, check letter A. For a specimen of this bond, see sectional plate No. 12,
figure 1. For legend, see plate No. 11.
DESCRIPTION" OF THE BONDS ILLUSTRATED IN THIS WORK.
31
ONE THOUSAND DOLLAR REGISTERED BONDS.
TEN-FORTIES.
Two plates were engraved from which the $1,000 bonds were printed. Check letters A and B. For specimen, see sectional plate No. 12,
figure 2. For legend, see plate No. 11.
FIVE HUNDRED DOLLAR REGISTERED BONDS.
TEN-FORTIES.
One plate only was engraved, from which the $500 bond was printed. Check letter A. For specimen see sectional plate No. 12, figuie •_>.
For legend, see plate No. 11.
ONE HUNDRED DOLLAR REGISTERED BONDS.
TEN-FORTIES.
There was but one plate engraved, from which the $>100 bonds were printed. Check letter A. For specimen, see sectional plate No. 12,
figure 4. For legend, see plate No. 11.
FIFTY DOLLAR REGISTERED BONDS.
TEN-FORTIES.
There was one plate only engraved, from which the $>50 bond was printed. Check letter A. For specimen, see sectional plate No. 12,
figure 5. For legend, see plate No. 11.
FIVE-TWENTY REGISTERED BONDS.
ACT OF MARCH 3, 1864.
The bonds of this series are sometimes called Supplementary Bonds, on account of having been issued under Acts of Congress supplementary
to the Act of March 3, 1863. There was but one face plate engraved for each denomination of this series, with lathe work tint borders in green.
Each plate was engraved with check letter B. For the $10,000 complete bond, see plate No. 13. For specimen of the $5,000 bond, see sec-
tional plate No. 14, figure 1. For specimen of the $1,000 bond, see sectional plate No. 14, figure 2. For specimen of the $500 bond, see
sectional plate No. 14, figure 3. For specimen of the $100 bond, see sectional plate No. 14, figure 4. For specimen of the $50 bond,
see sectional plate No. 14, figure 5.
32
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
FIVE-TWENTY REGISTERED BONDS.
ACT OF MARCH 3, 1865.
These bonds are known as Supplementary Bonds from the same cause previously assigned. They are the same in design as those issued
under Act of March 3, 1864, with the exception of the check letter A, instead of B, and the dates. For specimen of the full face $10,000 bond,
see plate No. 13. For specimens of all the other denominations, see sectional plate No. 14.
ONE THOUSAND DOLLAR FIVE-TWENTY COUPON BONDS.
ACT OF MARCH 3, 1865.
Four face plates were engraved for this denomination, with lathe work tint border in green, and corresponding back plates. The check
letters were B, C, D and E. For specimen of this bond see sectional plate No. 15, figure 1. For coupon, border, and legend, see plate
No. 16.
FIVE HUNDRED DOLLAR FIVE-TWENTY COUPON BONDS.
ACT OF MARCH 3, 1865.
Two face plates of this series were engraved, from which the $500 bonds were printed. Check letters A and B. Corresponding tints
and backs. For complete bond, see plate No. 16.
ONE HUNDRED DOLLAR FIVE-TWENTY COUPON BONDS.
ACT OF MARCH 3, 1865.
Two face plates were also engraved for this series, from which the $100 bonds were printed. Check letters A and B. Corresponding tints
and backs. For specimen of this bond, see sectional plate No. 15, figure 2. For coupon, border and legend, see plate No. 16.
FIFTY DOLLAR FIVE-TWENTY COUPON BONDS.
ACT OF MARCH 8, 1865.
One face plate only was engraved for this denomination. Check letter A, with border in tint, and corresponding back. For specimen
of this bond, see sectional plate No. 15, figure 3. For coupon, border and legend, see plate No. 16. The plates for this issue, both of
registered and coupon bonds, were engraved and printed at the Treasury Department.
FIVE-TWENTY COUPON BONDS.
T
ACT OF JUNE 30, 1851.
Three of the plates of the $1,000 five-twenty coupon bonds of 1862 were altered for this series by erasing and reengraving dates, etc. For
specimen of complete bond, see plate No. 2. For the $500 bonds of this series, two plates, check letters D and E, were altered from the old
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
33
issue of February 25, 1862. For specimen of this bond, see sectional plate No. 1, figure 3. For coupon, border and legend, see plate No. 2.
For the $100 bond of this series, three plates were altered from the old issue of February 25, 1862. Check letters N, 0 and P. For specimen,
see sectional plate No. 1, figure 2. For coupon, border and legend, see plate No. 2. For the $50 bond of this series, there was one plate,
altered from the old issue of February 25, 1862. Check letter K. For specimen of this bond, see sectional plate No. 1, figure 1. For coupon,
border and legend, see plate No. 2.
TEN THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
Only one plate was engraved for this bond. The border was lathe work, printed in carmine tint. For specimen of this bond, see sectional
plate No. 17, figure 1. For legend, see plate No. 18.
FIVE THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
For the $5,000 bond of this series one plate only was engraved. Tint numeral ($5,000) over the face, lor specimen of bond, see sectional
plate No. 17, figure 2. For legend, see plate No. 18.
ONE THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
One plate, with tinted border, and numeral ($1,000) over the face, was engraved for this bond. For specimen, see sectional plate No. 17,
figure 3. For legend, see plate No. 18.
FIVE HUNDRED DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
One plate was engraved for the $500 bonds, with border and numeral ($500) over the face in tint, lor complete bond, see plate No. 18.
ONE HUNDRED DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
One plate only was engraved for this denomination. Border in tint. For specimen, see plate No. 17, figure 4. For legend, see plate
No. 18.
34
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
FIFTY DOLLAR REGISTERED BONDS.
FIVE-TWENTIES OF 1864.
One plate only was engraved for this denomination. Border in tint. For specimen, see plate No. 17, figure 5. For legend, see plate
No. 18.
CONSOLIDATED FIVE-TWENTY COUPON BONDS,
ACT OF MARCH 3, 1865.
Dated July 1, 1865 , July 1 , 1867, and July 1, 1868.
ONE THOUSAND DOLLAR COUPON BONDS,
FIVE-TWENTIES — CONSOLIDATED.
There were fourteen face plates engraved for this denomination, with borders in tint, and geometrical lathe work backs. Check letters
A to 0. These plates only differ in the dates. For specimen of complete bond, see plate No. 19.
FIVE HUNDRED DOLLAR COUPON BONDS,
FIVE-TWENTIES — CONSOLIDATED.
There were six face plates engraved for this denomination, with borders in tint, and geometrical lathe work backs. Check letters A to F.
For specimen of coupon, border and legend, see plate No. 19.
ONE HUNDRED DOLLAR COUPON BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There were nine face plates engraved for this denomination, with borders in tint, and geometrical lathe work backs. Check letters A to J.
For specimen of coupon, border and legend, see plate No. 19.
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
35
FIFTY DOLLAR COUPON BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There were nine plates engraved for this denomination, with borders in tint, and geometrical lathe work backs. Check letters A to J. For
coupon, border and legend, see plate No. 19.
The description of the coupon bonds of this series are the same for all denominations, with the exception of denomination counters, and the
titles and dates of issue. By a critical examination of the center vignette of this series of bonds, it will be observed that the sky over the
Treasury building is in ruled lines in some of the issues, while in others it is made of broken etched lines— otherwise the vignettes are alike.
CONSOLIDATED FIVE-TWENTY REGISTERED BONDS.
ACT OF MAECH 3, 1865.
Dated July 1 , 1863, July 1, 1867, and July 1, 1868:
TEN THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There were three plates engraved for this denomination. Check letters A, B and C. For specimen of denomination counter and title, see
plate No. 20, figure 1.
FIVE THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There were three plates engraved for this denomination. Check letter A, B and C. For specimen of denomination counter and title, see
plate No. 20, figure 2.
ONE THOUSAND DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There were three plates engraved for this denomination. Check letters A, B and C. For specimen of denomination counter and title, see
plate No. 20, figure 3.
36
DESCRIPTION OF THE BONDS ILLUSTRATED IN THIS WORK.
FIVE HUNDRED DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
Tlieie were tlnee plates engraved for this denomination. Check letters A, B and C. For specimen of denomination counter and title, see
plate No. 50, figure 4.
ONE HUNDRED DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
There weie two plates engraved for this denomination. Check letters A and B. For specimen of denomination counter and title, see
plate No. 20, figure 5.
FIFTY DOLLAR REGISTERED BONDS.
FIVE-TWENTIES — CONSOLIDATED.
Two plates were engraved for this denomination. Check letters A and B. For specimen of denomination counter and title, see plate
No. 20, figure 6.
All the plates of this series of bonds were engraved at the Treasury Department, and the bonds were also printed there. These plates are
similar in design to the plates of the coupon bonds of the same issue, with the omission of the side vignette of the soldier and sailor.
The designs for all the denominations are the same, the plates differing only in the denomination counters, titles and dates.
UNITED STATES PACIFIC RAILROAD BONDS.
There were engraved for these bonds, four plates for the denomination of $1,000; one plate for the denomination of $5,000 ; and one plate
for the denomination of $10,000. The vignettes and lathe work borders are the same on all the plates. For specimen of these bonds, without
legend, see plate No. 22. This plate represents the entire issue of the Pacific Railroad bonds of all denominations.
INTERNAL REVENUE STAMPS.
These were engraved and printed at the Treasury Department. Plate No. 21, figures 1, 2, 3 and 4, represent the beer stamps; figure 5 the
distilled spirits stamp ; and figures 6 and 7 the twenty-five and fifty domestic cigar stamps.
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COINS AND COINAGE.
ANCIENT COINS AND COINAGE.
N OTWITHSTANDING the great interest that belongs to the subject, and the amount of time, talent, and inquiry that has been devoted
to its elucidation, the early history of metallic money is yet involved in much doubt and uncertainty. Gold and silver were used as
materials from which to make money at dates earlier than the dawn of profane history. From the first hook of the Bible we learn that
coined money was common almost forty centuries ago. Sarah, the wife of Abraham, died eighteen hundred and fifty-nine years before
Christ; and when Abraham purchased Machpelah for a hurying-place, on that occasion, he paid therefor, to Ephron the Hittite, “four-
hundred skekels of silver, current money with the merchants,” says the Bible. (Gen. xxiii : 16.) One hundred and thirty years later, Joseph
was sold by his brethren to merchants of Midian, the money received for him being twenty pieces of silver. This last “transaction” took
place more than thirty-six centuries since ; and the two sales show that coined money was known, and was in common use, not less than four
thousand years ago ; for the language used implies long established customs in regard to commerce, or what is known in its entirety as
business. The money employed was silver, and it is believed that gold was first coined, because it was more readily found and more easily
worked. Ages before the Greeks coined money, it must have been familiar to oriental peoples. Abraham had gold as well as silver among
his possessions.
It is not known when the first Grecian coins were made. It is probable, however, that the earliest coins known to the Greeks were of
Asiatic origin, and perhaps came from Lydia, made from the gold of Pactolus. The common story that money was first coined at Argos rests
upon insufficient evidence. There were coins in Greece in the eighth century before Christ, probably of foreign origin. Centuries later, much
of the money in Greece was from foreign mints. The Daricus, commonly called the Daric, a Persian gold coin of great purity, furnished
much of the circulation of Greece, and is of frequent mention in Grecian history. Its origin is not known with precision — the ordinary story
that it was first coined by that Darius who was the father of Xerxes, in the sixth century before the beginning of our era, being no longer
received. We think it was a coin much older than the time of Darius Hystaspes, though he reformed the Persian currency.
The Stater , or standard, was the name of the chief gold coin of Greece. It was coined in several places, Greece being a land that was full
of small communities. Silver formed the current money of Greece down to quite a late date, gold being exceptional, and coming from abroad.
10
38
COINS AND COINAGE.
Athens is supposed to have had no gold coinage toward the beginning of the last third of the fifth century before Christ ; and yet Athens was
then the most enlightened country in the world, and had the greatest commerce that was known to the Greeks. But Athens had foreign gold
coins, just as in the early part of this century much of the hard money in circulation here was from Spanish mints. The Athenian silver
money was very pure. Their possession of the silver mines at Laurion had much effect upon the character of the money of the Athenians.
Bronze and copper were used for currency in Athens. The silver Talent belonged to money of account. The gold Talent of the Greeks, or
Sicilian Talent, contained rather more than three fourths of an ounce of gold.
Strictly speaking, Greece had no gold coinage till the Macedonian age, which begins with Philip, father of Alexander the Great, and it may
be considered as having been established by the latter, who died 323 B. C. Alexander’s war in the East had the effect of bringing into use
immense masses of gold, that were the spoils of victory, so that the history of gold coinage is closely associated with that of the Macedonian
monarchs. Gold becoming common, the states of Greece, though then in their decline, probably imitated the action of their successful
neighbor and master. A few of the Greek communities, of which Thasos was the most noted, had a gold coinage early, because they possessed
gold mines ; and the flourishing Samos had such a coinage before Athens had risen to much eminence.
The first Roman silver money was made 269 B. C. ; and the first gold money 207 B. C. The Roman aureri were at first forty to the
pound, but were reduced to forty-five at the close of the Republican period. The earlier Roman coinage was of bronze, or copper, and it
shows how little advance had been made by that great people, that it was not till their fifth century — according to the received reckoning —
was almost at an end that they had a silver coinage ; and that well nigh two generations more elapsed before gold coinage was introduced.
The most prosperous period of Rome, it is safe to say, was in the years that followed, though not immediately, the introduction of silver as
money, and about fifteen or twenty years before the appearance of home struck gold money. It is a remarkable fact that the second Punic
War, the greatest contest in which the Romans ever were involved, was more than half over before the Roman mint had its attention turned
to gold. The Romans were not a trading people in an extended sense, and the Greeks were. The Romans were a money getting race, but
their chief pursuits were agriculture and war. It was among the prominent causes of the decline of their empire that they accumulated only
through conquest ; so that when conquest ceased their fall became inevitable.
All peoples who have made the first step from barbarism have had “ hard money ” of some kind ; and the highest evidence of civilization
is to be found in the purity of money, because upon that so largely depends the happiness of mankind, particularly that of the producing
classes, who are the first to suffer from any “ tampering with the currency.” The only money that is now universally recognized is that made
of gold or silver. Paper as an agent is of immense value, and of inestimable convenience, but it is not money, according to received ideas,
and into coined money it can not be converted, if too much of it exists at the same time.
The amount of gold and silver now in use is much larger than at any earlier time. The quantity of the precious metals had greatly
lessened at the close of the fifteenth century. Then occurred the discovery of America, which had the effect of adding considerably to the
COINS AND COINAGE.
39
quantity of gold, and of immensely increasing that of silver. Russia became the chief gold producing country in the present century, but she
lost that rank when the Californian mines were discovered. Then came the discovery of Australian gold. The effect of these discoveries, and
of some lesser ones, is very great, and on the whole it is good.
Modern nations have their respective coinages, though there is now a disposition evinced to create an international coinage, the existence of
which would be of the highest benefit to the world. Some steps have been taken in the right direction, and it is probable that the nineteenth
century will not expire without seeing such a coinage effected. That would be a creation worthy of an age that jirides itself on its
enlightened, humane spirit.
The terms used by the various nations for their coins — often changing them — are rather perplexing for general readers. The golden
Louis (Louis d' or) of France has been twice superseded by the golden Napoleon, and it may be revived again. The Prussians have
golden Double-Fredericks. The English, in the present century, have revived the Sovereign, which answers to the Found, and which has dis-
placed the Guinea. The Dollar is a word that approaches to universality, though the thing varies much. We Americans have the Double-
Eagle and the Eagle. Some of the South American States, and Mexico, keep up the Doubloon. Spain has the Pistole, Rome the Scudo,
Portugal the Half-Joe and the Crovm, Switzerland the Pistole, Greece the Drachma, Persia the Toman, Hindostan the Mohur and the Iiupee,
Hamburg the Ducat, etc. Some of the names of coins have a romantic sound. The Byzant, or Bezant, which meets us in the history of the
Crusades, and generally in books that relate to the middle ages, was a coin of the Byzantine or Greek Empire, of which Constantinople, the
ancient Byzantium, was the capital. It was introduced into Western Europe by the Crusaders, but it was known in Italy much earlier. The
Sequin, which is mentioned so often in the Arabian Nights that it seems to us an imaginary coin, is yet, though almost six centuries old, a
living coin, if we may so call it. It originated in Venice, and was called Zecchino, from Zecca, the mint ; and other Italian cities adopted it,
and struck it. The Turks imitated the Italians, and so the Sequin is yet common in the Levant. It has, like Byzant, a thoroughly romantic
flavor, much unlike the matter of fact notion that mostly is associated with hard money. Sir Walter Scott, in “ Ivanhoe,” introduces the
Zecchino, but he should have substituted Byzant, as the former coin was not struck till about a century after the time of the story. The Dollar
is derived from the German. More than four hundred years ago, in 1437, coins were made at Joachimsthal, or Joachim’s Valley, and
were called from that place, and the word was abbreviated to Thaler, which is the same thing, substantially, as the Spanish Dalera, or Pillar
Dollar, so called because it bore the pillars of Hercules, thus carrying us back to the days and the deeds of the demi-gods. The Scandinavian
Daler is of the same old family. No coin has had a higher place or a better name than the Spanish Dollar, which joined China to Peru. It was
in good repute every where; and should a universal coin be adopted, it should be called the Dollar. That would be indeed “the allmighty
dollar.” The Guinea had its name from the fact that the first coins of that denomination were made from gold taken to England from the
Guinea coast, in the reign of Charles the Second. No one ever refused to be familiar with that African, which was a coin, and a brother in
the estimation of all the issues of all the mints of the world. All things considered, it is the finest gold coin ever struck.
40
COINS AND COINAGE.
The earliest coins ever made for this country were struck at the Bermudas, in 1612, and were of brass. The Assembly of Virginia, in
1645, provided for a copper coinage, but it never was struck. The Colony of Massachusetts established a mint, which was kept up for a
generation, and from which proceeded small silver coins of various denominations. Others of the colonies sought to establish mints, but with
no success. After the Revolution, a few of the States did establish mints. Nothing effectual was done by the National Government till 1792,
when a system was adopted which has existed ever since, with the changes made necessary by events and time.
The coining press, with which ancient coins were executed, consisted merely of a block of wood upon which the die or piece of hardened
metal containing the sunken impressions was placed. The piece of metal to be coined was first fashioned into a semi-bullet shape : this having
been placed upon the face of the die, the punch was applied to it and struck with a hammer. This constituted the coining operation in the
earliest history of the art of which we have any account. But little advance was made from this rude and imperfect apparatus until the
introduction of the mill and screw in the sixteenth century of the present era.
The mill and screw is of French origin, the invention of which is ascribed to one Antonie Bruclier, an engraver who first used such a
machine in the palace of Henry II, in 1553, for the purpose of stamping counters. In 1585, the use of the mill and screw was abandoned, as
it was found much more expensive than the old hammer process. We find it was not used again until the year 1623, when Briot, a French
artist, unable to persuade his own Government to adopt it again, went to England, where it was immediately put in practice at the Royal Mint,
under the direction of Briot. Here it was again discontinued, for the same reason as before, and a resort had to the old hammer and punch
system. The use of the mill and screw was again adopted in 1651, and continued in use for coining until a very recent period. It is now
used for striking medals, which require a high relief.
The first steam coining press was invented in 1833 by Thonnelier, a Frenchman, and was soon put in practice in the French Mint. It was
first introduced in the Mint of the United States in March, 1836, the old screw press being used up to that time. This invention, with some
modifications, is the press now in use. These coining presses are of various sizes, to suit the different denominations of coin. The usual speed
of striking is sixty pieces per minute for the half dollar ; seventy-five for the quarter dollar ; and ninety for the dime and half dime. The
coining dies are prepared by engravers specially maintained at the mint for the purpose. The process of engraving a die consists in cutting
the devices and legends in soft steel, those parts being depressed which in the coin appear in relief. This having been finished and hardened,
constitutes an “ original die;” which, being the result of a tedious and difficult task, is deemed too precious to be directly employed in striking
coins, but is used for multiplying dies. It is first used to impress another piece of soft steel, which then presents the appearance of a coin, and
is called a hub. This hub being hardened, is used to impress other pieces of steel in like manner, which, being exactly like the original die, are
hardened and used for striking the coins. A pair of these will, on an average, perform two weeks’ work.
COINS AND COINAGE.
41
MODERN COINS.
SNOWDEN.
During the infancy of the American Colonies, their currency was as multifarious in its character as in the ancient time of which we have
made mention. There was, however, this difference between the ancients and the colonies : while the former made use of cattle and com-
modities as currency, from the fact that they were too barbarous to appreciate a more refined mode of conducting their mercantile transactions,
our ancestors of the “New World” were driven to that resort because they were unable to obtain a currency of a more convenient character.
In most of the colonies wampum was extensively used, and was received at the Treasury in payment of taxes, as was also cotton from the
Colony of Massachusetts. Peltry was used many years as the principal article of currency. In 1G36, an act was passed by the Colonial
Assembly, levying a tax upon the several towns, in which it was agreed that good merchantable corn should pass for payment of taxes.
Musket balls were also current, and were made so in Massachusetts by an order of the Court, as follows :
“ It is likewise ordered, muskett bulletts of a full boare shall passe currantly for a farthing a peece, provided that noe man be compelled to
take above 12 d att a tyme of them.”
In some of the other Colonies, especially Virginia and Maryland, tobacco was used as a medium of exchange, as well as the articles above
enumerated; and “in the first days of the ‘Old Dominion,’ tobacco would purchase the most valuable commodity. From 100 to 150 lbs. of it
bought many a good wife.”
The earliest coinage for America is said to have been executed in 1612, when the Virginia Company was endeavoring to establish a Colony
on the Summer Islands (the Bermudas). This coin was of the denomination of a shilling, and was struck in brass. On the obverse was a
Boar, and the legend, “ Sommer Island,” with the value “ XII.” The reverse presented a ship, under sail, firing a gun.
MASSACHUSETTS.
In considering the illustrations of coins contained in this work, our attention is first arrested by the “ pine tree ” money of Massachusetts.
This coinage was instituted by the Colonial Assembly, in 1652, after the fall of Charles I, and the subsequent establishment of the Common-
wealth, with Cromwell at its head. The Mint building was ordered to be erected upon the land of John Hull, in the city of Boston, by an act
passed on the 27th day of May, 1652. John Hull, by the same act, was appointed Mint Master. The first pieces coined were mere planchets,
stamped on one side with the letters N E and on the other side with XIIcZ, VI d, and IIIc/, according to the value of each piece. On the 19th
of October following, a second act was passed, by virtue of which, shillings, sixpences, and threepences were coined of the following type :
On the obverse a pine tree, inclosed by a double ring, containing the legend, “ masatiiusets in ;” and, on the reverse, a double ring, as on the
n
42
COINS AND COINAGE.
obverse, containing the legend, “ new England, an. dom.,” with the date in figures, and the denomination occupying the field within the minor
circle. (See plate 1, No. 1.) Ten years subsequent, in May, 1662, a twopenny piece was added to the coinage by an order of the Court, which
was of the same type as the larger coins. (See plate 1, No. 2.)
This coinage was not discontinued until 1686; yet they appear to have continued the use of the same date, the shillings, sixpences, and
threepences, all bearing the date 1652, while the twopenny pieces are all dated 1662.
WASHINGTON CENT.
It Avas proposed, during the administration of Washington, to place his effigy on the coins of the United States ; and with that view, in
1791 and 1792, before the Mint was regularly in operation, several experimental dies were prepared, with his portrait upon the obverse or
principal side. From these dies the well known “Washington Cents” were issued. The specimen now existing, bearing the date of 1791,
were without doubt made in England, and those dated 1792 were struck in this country from experimental dies prepared for a regular coinage
when a mint should be established. It is a well ascertained fact that Washington did not favor the proposition to place his likeness upon the
coins of the United States, and when several specimens of that description were exhibited to him, for his inspection and approbation, he
indignantly ordered the dies to be destroyed ; and expressed his desire that there should be placed on the coins an ideal head of Liberty.
(See plate 1, No. 3.)
In 1783, a silversmith named J. Chalmers, of Annapolis, Maryland, commenced the coinage of shillings, sixpences, and threepences. The
shilling has, on the obverse, two hands clasped in friendship, and inclosed in a wreath, with the legend, “ I Chalmers Annapolis.” The field, on
the reverse, is divided into two sections, in one of which is a serpent, and in the other two birds holding a branch in their beaks. The legend
is “ One Shilling” 1783. (See plate 1, No. 4.)
VIRGINIA.
In the time of George III, a copper coinage was executed, which was intended for circulation in Virginia. The obverse presented a
head of the King laureated, with the legend “georgus ii rex”; on the reverse the arms of Great Britain, and the Electoral Dominions, with
Virginia and the date 1773. These coins were finely executed. (See plate 1, No. 8.)
ROSA AMERICANA.
In the reign of George I, coins were issued by order of the British Government, which are believed to be the only coins ever struck by
that authority for general circulation in the American Colonies. These coins, popularly known as the “ Rosa Americanas,” were made of a
mixed metal, resembling brass.
Those struck with the date 1722, have on the obverse a bust of the king laureated, and on the larger pieces the legend stands, “georgius
d. G. mag. bri. fra. et. HiB. rex ;” while on the smaller pieces it is “ georgius dei gratia rex.” On the reverse is a double rose : “ rosa Americana,
COINS AND COINAGE.
43
1722;” and on a scroll, the inscription, “utile dulci.” On the smaller pieces the latter inscription forms part of the legend. Those bearing
the date 1723, have the rose crowned. (See plate 1, Nos. 14 and 15.)
COINS OF THE PERIOD OF THE CONFEDERATION.
During the period of the Confederacy, which preceded the adoption of the Constitution, extending from 1778 to 1787, the right of coining
money was vested not only in the Federal Congress, but in the different States. Many of them took advantage of their rights by issuing
copper coins — cents and half cents.
Vermont issued a grant in June, 1785, to Reuben Harmon, Jr., giving him the exclusive right to coin copper money within that State, for
the space of two years from the first of July following. Under this grant Harmon established a mint at Rupert and issued cents of the
following description : The obverse bore a device representing the sun rising from behind a range of Hills, with a plow beneath. Legend,
“ vermontensium RESPUBLICA, 1786 and on the reverse an eye, surrounded by diverging rays and thirteen stars. Legend, “quarta deoima stella.”
(See plate 1, No. G.)
Connecticut issued a grant, on the 20th October, 1785, to Samuel Bishop, Joseph Hopkins, James Hillhouse, and John Goodrich, authorizing
them to coin coppers to an amount not exceeding ten thousand pounds. This grant was limited to the term of five years. The mint, how-
ever, only continued in operation three years. These have, on the obverse, a laureated bust adorned with drapery, and the legend, “ auctori
connec.” On the reverse is a female figure seated, holding in the right hand an olive branch, and in the left a staff. Legend, “inde et lib.”
The date occupies the exergue. (See plate 1, No. 5.)
New Jersey, following the example of the two preceding States, issued a grant in June, 1786, to Walter Mould, Thomas Goodsby, and
Albion Cox, authorizing them to coin copper cents to the amount of £10,000. There appears to have been some disagreement between the
parties, which resulted in a dissolution of the partnership ; for we find that, on the twenty-second of October of the same year, a second act
was passed by the Assembly, authorizing Thomas Goodsby and Albion Cox to coin two thuds of the amount contemplated in the preceding
act. Thus two mints were established. These establishments appear to have continued in operation during the years 1786, 1787, and 1788.
There was a large emission of cents of these dates, and they are now quite common. The type was as follows : Obverse, a horse’s head and a
plow, with the legend, “nova Caesarea,” and the date. Reverse, a heart-shaped shield, and the legend, “e pluribus unum. (See plate 1, No. 7.)
There are almost countless varieties of this coinage, but the types are not materially different.
Massachusetts passed an act on the 17th October, 1786, providing for the establishment of a mint within the Commonwealth of Massachu-
setts, for the coinage of gold, silver, and copper; and in the spring of 1787 Joshua Witheral was authorized to provide for the necessary
buildings and machinery. The first regular issue of copper coins did not take place until 1788, but specimens are frequently found bearing
the date 1787. The latter were, probably, trial pieces, struck during the time that the machinery and dies were being prepared. There were
44
COINS AND COINAGE.
no gold or silver coins issued, although the act contemplated the coinage of such pieces. The copper coins issued were the cent and half cent.
The cent has upon its obverse the American eagle, grasping in the right talon a bundle of arrows, and in its left an olive branch ; upon its
breast is a shield, inscribed with the word cent. Legend, “ Massachusetts,” and the date. On the reverse is an Indian of full length, with his
bow and arrow ; near his forehead appears a single star. Legend, “ commonwealth.” The half cents are the same, except that the shield has
the inscription “half cent.” (See plate 1, Nos. 10 and 11.)
1783. A cent. Obverse, an eye, surrounded by diverging rays and circle of thirteen stars. Legend, “nova constellatio.” Reverse, the
initials, “u. s.” inclosed in a wreath of laurel. Legend, “ libertas justitia . . . 1783. (See plate 1, No. 12.) Origin unknown.
1791. Kentucky cent. Obverse, a hand holding a scroll, upon which is inscribed, “our cause is just.” Legend, “unanimity is the strength
of society.” Reverse, a triangle of fifteen stars, connected together with small rings or links, and surrounded by diverging rays. On the stars
are engraved the initials of fifteen States. Legend, “ e pluribus unum.” Mr. Hickcox states that this piece was struck in Lancaster, England,
1791, and is called the “Kentucky cent,” from the fact that the star designating K, for Kentucky, is placed at the top of the triangle. (See
plate 1, No. 13.)
FEDERAL COINAGE.
During the interval which elapsed from the establishment of the Confederacy, in 1778, to the adoption of the Constitution, in 1788, coins
were issued, not only by the several States, but a large amount of base coppers were emitted by private persons, while others were foisted
upon the community by speculators from abroad. These issues had a deleterious effect upon the condition of our currency; and the attention
of Congress was early called to the subject of a national coinage, as a remedy for the existing evils.
As early as 1782 the preliminary steps were taken toward the introduction of a National coinage. “Congress” directed the financier of
the Confederation, Robert Morris, to lay before them his views upon the subject of coins and currency. The report was presented in
January, 1782. The subject was discussed repeatedly in Congress, but no further steps were taken until 1784, when Mr. Jefferson, in behalf of
a committee appointed for the purpose, brought in a report disagreeing with that of the financier, except as to the decimal system. The
following remarks occur in this document :
“ The most easy ratio of multiplication and division, is that of ten. Every one knows the facility of decimal arithmetic.
“ He found fault with the unit of Mr. Morris, first, on account of its diminutive size : 4 A horse or bullock of eighty dollars’ value would
require a notation of six figures, to wit, 115,200 units;’ secondly, because of its want of correspondence in value with any known coins. In
lieu of this the Spanish dollar was proposed, as being of convenient size, capable of easy actual division, and familiar to the minds of the
people. It was added, that the course of our commerce would bring us more of this than of any other foreign coin ; and, beside, the dollar
was already as much referred to, as a measure of value, as the respective provincial pounds. Upon this basis it was proposed to strike four
coins ; viz.,
COINS AND COINAGE.
45
“A golden piece, of the value of ten dollars; a dollar in silver; a tenth of a dollar, also in silver; a hundredth of a dollar, in copper.
“The Assistant Financier conceded something to Mr. Jefferson’s views, but adhered to the main principles of his own scheme. Lut
Congress, in 1785, adopted Mr. Jefferson’s report, and in the following year made legal provisions for a coinage upon that basis.
The contract for the coinage of coppers was awarded to Mr. James Jarvis, whereupon Congress instructed the committee to contract with
him for three hundred tons of copper coin, which were to conform to the standard adopted in the report of Mr. Jefferson. The devices and
inscriptions for this coinage were also regulated by an Act of Congress, as follows :
1787, July 6. “Resolved, That the Board of Treasury direct the contractor for the copper coinage to stamp on each side of each piece
the following device : viz., Thirteen circles linked together, a small circle in the middle, with the motto, ‘united states,” round it; and in the
center, the words, “ we are one ;” on the other side of the same piece the following devices : viz , A dial with the hours expressed on the face
of it; a meridian sun above, on one side of which is to be the word ‘fugio,’ and on the other the year, in figures, ‘ 1787.”’ The words, “ mind
your business,” inscribed beneath the dial, which have gained for this piece the name of “ Franklin Cent, appear to have been added without
the authority of Congress ; and, indeed, some pretend to say that it was done at the suggestion of “ Poor Richard ” himself, and hence its
popular name is derived. The principal foundation, however, for this opinion, as well as the name applied to the coin, appears to be that “ it
sounds like him.” (See plate 1, No. 16.) A portion of these coppers is said to have been coined at the mint in New-IIaven, of which Mr.
Jarvis was a partner ; and the remainder at the mint of Mr. Harmon, at Rupert, in Vermont, whither the dies were transported.
GOLD COINAGE.
The first deposit of gold bullion, for coinage, at the United States Mint, took place on the 12th day of February, 1795. The deposit was
made by Moses Brown, merchant, of Boston, Mass., and consisted of gold ingots, amounting to two thousand two hundred and seventy-six
dollars and twenty-two cents (£2,276.22). Subsequently, before any coinage took plaee, several deposits were made.
The first return of gold coins, from the Chief Coiner, was on the 81st day of July, 1795, and consisted of 744 half eagles. Eight deliveries
of half eagles took place after this time and prior to the 17th of September, after which no more gold of this denomination was coined during
the year. The first delivery of eagles was on the 22d of September, and consisted of 400 pieces, after which there were four other deliveries
of various amounts.
The eagle and half eagle, of this emission, were of the same type, as follows : Obverse, a female bust, emblematic of Liberty, facing to the
right, wearing a liberty cap, with the hair flowing loosely about it. Above is inscribed the word “liberty,” and beneath the date “ 1795.” To
the left of the effigy are ten stars in a line, and to the right five, fifteen in all. Reverse, an eagle, with extended wings, holding a laurel crown
in its beak, and grasping a palm branch with both talons. Legend, “united states of America.” (See plate 1, Nos. 17 and 18.)
1796. The gold coins of this year have sixteen stars upon the obverse, eight upon each side of the effigy. The first coinage of quarter
eagles took place in this year. The first issue, which was made on the 21st of September, was of the same type as the eagle. The amount,
12
46
COINS AND COINAGE.
however, was very small, being only 66 pieces. Subsequently the die was altered, and on the 8th of November there was a coinage of 897
pieces of the following type : Obverse, same as the eagle. (A portion, and probably a small one, had no stars upon the obverse.) Reverse,
an eagle with raised wings, holding in its beak a scroll, inscribed “ e pluribus unum,” and grasping in the right talon a bundle of arrows, and in
the left an olive branch. Upon its breast is the United States shield. Above the eagle are clouds, and sixteen stars. Legend, “united states
of America.” (See plate 1, Nos. 21 and 22.) The other pieces, the eagle and half eagle, were not altered until the following year (1797), when
the reverse above described was adopted for those pieces likewise. (See plate 1, Nos. 19 and 20.) No further changes were made in the
devices on the gold coins until the year 1807.
The first issue of coins of the new type took place on the 30th of September. The new coinage was of the following description : Obverse,
a bust of Liberty, facing to the left, wearing a liberty cap, upon the band of which is inscribed “liberty.” Beneath is the date, “ 1807.” To
the left of the effigy are seven stars, and to the right six, thirteen in all. Reverse, an eagle, with its wings expanded in flight, the United
■States shield upon its breast. In the left talon it grasps three arrows, and in the right an olive branch. Above floats a scroll, inscribed,
“e pluribus unum.” Beneath is the value, “ 5 d.” Legend, “united states of America.”
There were no quarter eagles issued of the new pattern, as there was only one delivery of this denomination during the year. The new
quarter eagle appeared in the year 1808. (See plate 1, Nos. 23 and 24.)
In 1813, the appearance of the obverse of the half eagle, which was the only gold coin struck for a number of years, was slightly changed,
the head of Liberty appearing in rather better flesh, and the thirteen stars arranged in a circle around the edge, instead of being at the sides
of the effigy, as before ; otherwise it continued the same. (See plate 2, No. 1.) The quarter eagle of this type did not appear till 1821.
(See plate 2, No. 2.)
Upon the change of standard, in 1834, another alteration took place in the type of the gold coinage. Up to June of that year they con-
tinued the same as before, but the change of standard having taken place in that month the type was changed, in order to distinguish the new
standard from the old merely by sight. The obverse of the new coins were very similar to the old, except that the liberty-cap is removed from
the head of the goddess, and instead the hair is confined by a band, inscribed with the word, “liberty.” There was a peculiar heaviness also
in the old style which does not appear in the new. The scroll, bearing the motto, “e pluribus unum,” is omitted from the reverse. (See plate
2, Nos. 3 and 4.)
The next change of type took place very near the end of the year 1838. The pattern then adopted for the gold coins has been continued
to the present time. It is as follows : Obverse, a bust of Liberty, the shoulders undraped. The hair is looped up in a roll behind, and
intwined with beads ; a couple of stray curls hang loosely upon the neck. The front of the head is embellished with a tiara, inscribed with
the word “liberty.” Around the edge are thirteen stars, and beneath, the date, “ 1838.” There was no noticeable change in the type of the
reverse. (See plate 2, No. 5.)
COINS AND COINAGE.
47
This pattern first made its appearance on the 26th of December, and consisted of 6,700 eagles; and on the 31st of December the Chief
Coiner returned to the Treasurer 500 eagles, making 7,200 eagles of the new type issued in this year. This pattern was adopted on the half
eagle of 1830, and on the quarter eagle of 1840. (See plate 2, Nos. 6 and 7.)
°In 1849, two new pieces were added to the gold coinage, viz., the double eagle, or twenty-dollar piece, and the gold dollar. The obverse of
the double eagle is the same as the new coinage of 1838. The reverse has a very small eagle, its body hidden by the United States shield.
From its beakdepends a highly ornamented scroll, inscribed “e epluribus unum.” In the left talon are three arrows, and in the right an olive
branch. Above is a circle of thirteen stars bathed in the diverging rays of the sun. Legend, « united states of America.” ..." twenty d.” The
dies for this coin were prepared in the year 1849, and one piece was struck therefrom and placed in the Mint Cabinet. (See plate 2, No. 11.)
The first issue took place in the following year.
The head on the obverse of the dollar of this year (1849) is the same as the other gold coins, and is encircled by thirteen stars. On the
reverse the value and date, “ 1 dollar 1849,” are inscribed between two branches of laurel, crossed. Legend, “ united states of America.”
Of this denomination there was a large issue. (See plate 2, No. 12.)
This dollar, after a few years trial, was found to be rather small in diameter, and many complaints were made against it on that account.
Consequently, in 1854, an alteration in the size was determined upon. The enlarged dollar of this year (1854) has, as its emblem of Liberty,
a beautiful Indian head crowned with feathers. The band in which the feathers are confined is inscribed with the word “ liberty.” Legend,
u united states of America.” On the reverse is inscribed, “1 dollar 1854,” within a wreath of cereals. This dollar being considerably larger
in diameter than the old piece, has a proportionate decrease in thickness. (See plate 2, No. 13.)
This year also witnessed the advent of another new coin — the three dollar piece. This coin has upon its obverse an Indian head much
more graceful in appearance than any effigy which ever before graced an American coin. Like the dollar, it has a feathered crown inscribed
with the word, “ liberty ;” but this crown is quite an improvement upon the former. Otherwise it is merely an enlargement of the dollar.
(See plate 2, No. 15.) This is the last change in the gold coinage of the United States which we have to notice, with the exception of a slight
alteration in the dollar of 1856, to make it correspond with the type of the three-dollar piece. (See plate 2, No. 14.)
SILVER COINAGE.
The first deposit of silver bullion for coinage took place on the 18th day of July, 1794. The deposit was made by the Bank of Maryland,
and consisted of “coins of France,” amounting to eighty thousand seven hundred and fifteen dollars seventy-three cents and five tenths
(180,715.735).
The first return of silver coins from the Chief Coiner to the Treasurer was made on the 15th day of October, and comprised 1758 dollars.
The second delivery was on the 1st day of December, and consisted of 5,300 half dollars. This embraced the entire silver coinage of the year.
There was a small coinage of half dimes, but they were only struck as pattern pieces, for the purpose of trying the dies, and were not regularly
48
COINS AND COINAGE.
issued. The types were as follows : Obverse, a head of Liberty, facing to the right, with flowing hair. Above was the word “ liberty,” and
beneath, the date, “ 1794.” To the left of the effigy were eight stars, and to the right seven, fifteen in all. On the reverse was an eagle
with raised wings, encircled by branches of laurel, crossed. Legend, “united states of America.” On the edge of the dollar was inscribed
“ hundred rn O r- lor~l * * cents * * rn O r~1 * * ONE * * dollar * # OR * * unit rn o r ~l * * *.” (See plate 2, No. 18.) The half dollar, of the
same type, has on the edge, “ fifty * * f~ l O l~~ 1 cents * * * # or * f~l half * * a * * dollar * * f~l O f~1 0*0* *.” (See plate 2, No. 19.)
In the following year (1795) a change took place in the type of the dollar. The obverse has a full bust of Liberty, adorned with drapery ;
from beneath the hair appears a ribbon, which is tied in a bow behind. The reverse has an eagle with expanded wings, standing upon clouds,
between branches of laurel and lily, crossed. Otherwise it is the same as before. (See plate 2, No. 20.) The half dimes are of the same
type as the new dollar of 1795.
A return of half dimes took place on the 30th of March, amounting to 7,7 5G pieces. They are of the same type as the dollars of 1794,
but have a grained edge.
In the year 1796, the quarter dollar and dime were added to the coinage. They are the same pattern as the new dollar of 1795, but have
grained edges. (See plate 2, Nos. 22 and 24.) The silver coins of 1797 have sixteen stars — one star for each State. (See plate 2, No. 21.)
In 1798, however, the number of stars were reduced to thirteen, being emblematic of the original thirteen States. The reverses of the
dollar and dime, which were the only silver pieces coined in this year, underwent an entire change, as follows : An eagle with raised wings,
bearing the United States shield upon its breast. From its beak floats a scroll, inscribed “ e pluiubus unum.” In the right talon it grasps a
bundle of thirteen arrows, and in the left an olive branch. Above are clouds and thirteen stars. Legend, “ united states of America.” (See
plate 2, No. 25 ; also, plate 3, No. 1.) For a half dollar of this type, see plate 3, No. 3.
No further change of importance took place until 1807. The emission of the half dollar of the new type was very large and is described
as follows : Obverse, a bust of Liberty, with the Roman mantle, facing to the left. Upon the head is a liberty cap, inscribed with the word
“liberty.” Upon the left of the effigy are seven stars, and to the right six. Beneath is the date, 1807. Reverse, an eagle, with its wings
expanded in flight, grasping three arrows in the left, and an olive branch in the right talon. (See plate 3, No. 4.)
In 1831, a very marked change occurred in the quarter dollar, the diameter having been considerably reduced, with a consequent increase
in thickness. The change of type, however, only affected the size of the devices, which were reduced to correspond with the size of the coin,
and the omission from the reverse of the scroll bearing the motto, “e pluribus unum.” (See plate 3, No. 10.)
The other silver coins remained unchanged until the year 1836. In this year, the dollar, which had not been coined since the year 1804,
again made its appearance, but this time in an entire new costume. On the obverse it presents the goddess of Liberty seated upon a rock,
supporting with her right hand the United States shield, across which floats a scroll, inscribed “ liberty and with her left, the staff and
liberty-cap. (This effigy has graced our coinage ever since, to the present day.) Beneath is the date, “ 1836.” On the reverse is an eagle in
COINS AND COINAGE.
49
flight, facing to the left, surrounded by twenty-six stars, of different magnitudes, according to the size of the states they represent. (See plate
3, No. 8.) A change also occurred in the half dollar of this year, so that there are specimens of both the old and new type. (See plate 3,
No. 9.) The half dime did not appear until 1829. (See plate 3, No. 7.) The two latter pieces were altered in the year 1837. (See
plate 3, Nos. 11 and 12.)
1838. The first half dollars and quarter dollars of this year were of the same type as the new half dollars of 1836, with the exception that
the value stands “half dol.” upon the former. But during the year new dies were prepared, upon the obverse of which is an effigy of Liberty,
copied from the pattern dollar of 1836. Around the edge are thirteen stars, and beneath, the date “ 1838.” The reverse of the half dollar
was unchanged. (See plate 3, No. 15.) The quarter dollar has “ quar. dol.” instead of “25 c.,” as before. (See plate 3, No. 16.) The dime
and half dime are the same type as the new die of 1837, with the addition of thirteen stars to the obverse. (See plate 3, Nos. 17 and 18.)
1838. “Flying eagle dollar.” Obverse, same type as the legal dollar of 1840 (the present pattern). Reverse, a flying eagle, facing to the
left. Legend, “united states of America “one dollar.” This was the first coin ever struck at the United States Mint with a grained edge.
(See plate 3, No. 13.)
On the 21st of July, 1840, the new dollar made its appearance. The obverse is the same as the dollar of 1836, with the addition of
thirteen stars. The reverse has the eagle, with expanded wings, etc., etc. (See plate 3, No. 14.)
In 1851, the three cent piece was added to the coinage. On the obverse it has a star, bearing the arms of the United States. Legend,
“united states of America,” 1851. Reverse, an ornamental “c,” within which is the number “ III” (3 cents). Around the edge are thirteen
stars. (See plate 3, No. 19.)
In 1853, the weight of the half dollar, and smaller pieces, was reduced. The only alteration made in the types of the reduced pieces was
the addition of two arrow-heads, one at each side of the date, and on the reverse of the half dollar, the eagle appears surrounded by diverging
rays. (See plate 3, No. 20.)
In the following year (1854) the diverging rays were removed from the reverses; and in 1856, the arrow-heads also disappeared. (See
plate 4, No. 1.)
In 1860, a change was effected in the types of the dime and half dime : the old laurel wreath being displaced by a wreath of cereals, and
the legend of the “United States of America” is removed from the reverse and substituted for the thirteen stars upon the obverse. (See
plate 4, Nos. 2 and 3.)
COPPER COINAGE.
The first year of active operations at the Mint (1793) was devoted exclusively to the coinage of cents and half cents. During the year
three different patterns of the former made their appearance. The first is described as follows : Obverse, a head of Liberty, facing to the
right, with the hair flowing backward, as if blown by the wind. Above, is inscribed the word “ liberty,” and beneath, the date, “ 1793.”
13
50
COINS AND COINAGE.
Reverse, an endless chain, within which is inscribed “ one cent,” and the fraction “ too.” Legend, “ united states of America.” The second
pattern has a wreath as substitute for the chain : the fraction too appears beneath the wreath. The third variety has a bust of Liberty, with
flowing hair, and the pole and liberty-cap are added, the reverse being the same as the second issue. The half cent made its first appearance
on the 20th of July. These were of the same style as the third variety of the cent, but the bust is turned in the opposite direction — to the
left. (See plate 4, Nos. 1, 2 and 4.)
In 1794, the diameter of the cent was slightly increased, and the inscription “one hundred for a dollar” appears upon the edge. The half
cent has a bust somewhat enlarged, and facing to the right; and upon the edge is inscribed, “two hundred for a dollar.” (See plate 4,
Nos. 3 and 5.)
In 1795, a still further increase in diameter was effected, and the inscriptions upon the edge were omitted. The head upon the half cent is
reduced in size from that of the previous year, but still faces in the same direction. (See plate 4, Nos. 6 and 8.)
The following year (1796) the diameter of the cent was again changed, to correspond with that of 1794; and during the year a change
in the type of the obverse was also effected, as follows : A bust of Liberty, facing to the right, and adorned with drapery. A portion of the
hair is confined by a band, which is tied in a bow behind; the remainder falls loosely over the shoulders. (See plate 4, No. 7.) The half cent
was not altered until the year 1799 or 1800, when it was made to correspond with the new cent of 1796, the bust facing in the same direction.
(See plate 4, No. 9.)
The copper coins experienced no other change until the introduction of the new die for the eent, engraved by Mr. Reich, in 1808. This
cent has, on the obverse, a bust of Liberty, facing to the left ; the hair is confined by a band inscribed with the word “ liberty.” To the left
of the effigy are seven stars, and to the right six ; beneath is the date, “ 1808.” On the reverse, the value, “one cent,” is inscribed within a
wreath, composed of a single branch of laurel. Legend, “united states of America.” The fraction tot is omitted. The half cent was not
altered until the following year (1809), when it was made to correspond to the above description. (See plate 4, Nos. 10 and 11.)
The coinage of the cent, which had been suspended during the year 1815, was resumed in January, 1816, and a new pattern adopted for
the obverse, as follows : A head of Liberty, facing to the left. The hair is confined in a roll behind, while the front of the head is bedecked
with a tiara, inscribed with the word “liberty.” Around the edge are thirteen stars, and beneath, the date “1816.” The reverse was
unaltered. (See plate 4, No. 12.) In the following year (1817) a cent of this pattern made its appearance, bearing fifteen stars, but was soon
discontinued, the type adopted in 1816 having been continued as long as the copper cent was issued. (See plate 4, No. 13.) The cent of
1839, however, was slightly altered in effigy, the head being higher and more arched on the top, above the tiara; from which it has acquired
the cognomen of “booby-head.” (See plate 4, No. 14.)
The type of the half cent was not changed until- the year 1840, when new dies, of the same style as the cent, were prepared. (See plate 4,
No. 16.) These dies were only used to strike patterns, no issues of half cents having been made in. this, or the eight years following, to 1848.
COIN'S AND COINAGE.
51
In each of these years dies were prepared for the half cent, hut none were issued for general circulation. Fine proof specimens were placed
in the Mint Cabinet, where they now remain.
In the year 1857, the old familiar coppers disappear from among our authorized coins. They continued to be coined during the month of
January, in which time 333,456 cents, and 35,180 half cents, were struck. The latter were nearly all retained in the mint, and subsequently
melted up, this denomination having been abolished by the same law that authorized the substitution of the nickel for the copper cent.
The new cent was issued for general circulation in May following. The obverse has a flying eagle, like that upon the pattern dollar of
1836, without the stars. Above is the legend, “united states of America,” and beneath, the date, “1857.” On the reverse, the value, “one
cent,” is inscribed within a wreath of cereals. (See plate 4, No. 17.)
This pattern was short-lived, as in the year 1859 it was supplanted by the following: Obverse, an Indian head, facing to the left, and
bedecked with a falling crown of feathers, upon the band of which is inscribed “ liberty.” Legend, “ united states of America.” . . . . “ 1859.”
Reverse, “one cent,” inscribed within a wreath of laurel. (See plate 4, No. 18.)
In 1860, a new device for the reverse was adopted ; being a wreath of oak, within which is inscribed “ one cent.” Above is suspended •
a small shield, bearing the arms of the United States. (See plate 4, No. 19.)
Beside the National Mint at Philadelphia, there are four Branch Mints. Three of these were created by Act of Congress of March 3,
1835: viz., branches at New-Orleans, La., Dahlonega, Ga., and Charlotte, North-Carolina. The fourth is located at San Francisco, Cal., and was
established by Act of Congress of July 3, 1852. The three former branches did not go into operation until the year 1838 ; the latter, in 1854.
The coins of the Branch Mints are distinguished from those of the National Mint by the initial letters which will be found upon them. These
are as follows: Branch at New-Orleans, which coins gold and silver, the letter 0. (See plate 2, No. 16.) At the Branch Mint, Dahlonega,
which coins gold only, the initial D. (See plate 2, No. 10.) At the Branch Mint, Charlotte, which also coins nothing but gold, the initial C.
(See plate 2, No. 9.) The coins of the National Mint bear no distinguishing marks or initials.
EXPERIMENTAL PIECES.
(UNAUTHORIZED COINS OF THE UNITED STATES.)
Since the establishment of the United States Mint many coins have made their appearance therefrom, which do not belong to the national
authorized series, being of an experimental character, and not intended for general circulation. Among these we include the “Washington
half dime,” which we have before mentioned. We consider, however, that the piece in question was intended “for general circulation,” from
the fact that Washington makes mention of it, in that light, in his annual address to Congress. But as it partakes of the experimental charac-
ter, we exclude it from the regular series. These pieces will be noticed in the order of time, so far as possible.
1792. Half dime. Obverse, a female head, emblematic of Liberty, facing to the left. This is popularly supposed to represent the features
52
COINS AND COINAGE.
of Martha Washington, who is said to have sat to the artist while he was designing it. The hair is short and unconfined. Immediately
beneath is the date, the whole being encompassed by the legend, “LiB(erty) PAR(ent) of science and industry.” On the reverse is a small
eagle volant, beneath which is inscribed the value, “half dime.” Legend, “uni. states of America.” (See plate 5, No. 1.) This piece is said
to have been struck from the private plate of Washington, which is not unlikely, considering the great interest which he took in the operations
of the infant mint, visiting it frequently, and personally superintending many of its affairs. This coin, as before shown, made its appearance
in the month of October, 1792. Subsequently several other pieces were struck, before the close of the year, as follows :
Cent. Obverse, a bust of Liberty, with flowing hair, facing to the right. Beneath is the date, “ 1792.” Legend, “liberty parent of science
and industry.” Beverse, “ one cent,” inscribed within a wreath of laurel. Beneath is the fraction “ tW’ Legend, “ united states of America. ’
This cent conforms, in size and weight, to the standard adopted in the law of 1792, which underwent a reduction before any regular issue of
cents took place. It is also very similar in appearance to the “Washington half dime,” which fact seems to indicate it as the first trial cent
of the United States Mint. It was the work of an artist named Birch, whose name appears upon the lower portion of the effigy. (See
plate 5, No. 10.)
Dime. Obverse, a bust of Liberty, with flowing hair, facing to the left. Beneath is the date, “1792.” Legend, “liberty parent of science
and industry.” Reverse, a small eagle volant. Beneath is inscribed the value, “ dime.” Legend, “ united states of America.” This piece, of
which Ave have duplicates, was struck in copper, being merely a trial of dies for the dime. Only a few specimens were struck, and it is nearly
unique. (See plate 5, No. 2.)
Cent. Obverse, an undraped bust of Liberty, with flowing hair facing to the right. Beneath is inscribed the date, “ 1792. Legend,
“ liberty parent of science and indust.” Reverse, “ one cent,” inscribed within a wreath of laurel, beneath which is the fraction “ to o.
Legend, “united states of America.” (See plate 5, No. 12.) This cent is of the same diameter as the trial dime described above, and is said
to have been made small with a view to the insertion of a plug of silver in the center, to bring the value up to the standard required by law.
Cent. Obverse, a bust of Liberty, facing to the right, the hair confined by a fillet. Above is inscribed the word “liberty,’ and beneath,
the date, “1792.” Reverse, a portion of a globe, on which stands an eagle, with raised wings. Legend, “united states of America. This cent
has a grained edge, like the cents of 1793. Some nuismatists give it the preference as the first trial cent of the Mint. (See plate 5, No. 11.)
1794. The first year in which the legal half dime was coined a trial piece was struck in copper during the preparation of the dies. It is
of the same type as the legal half dime, except that the reverse is without the wreath, which was added when the regular coins were struck.
(See plate 5, No. 3.)
1836. A gold dollar made its appearance, bearing on the obverse a liberty-cap, inscribed with the word “liberty,” and surrounded by
diverging rays. Reverse, the value “1 d.” encircled by a single branch of palm. Legend, “united states of America “ 18o6. (See
plate 5, No. 18.)
COINS AND COINAGE.
53
In the same year a composition two-cent piece was struck, upon the obverse of which is an eagle with expanded wings, floating upon
clouds. Legend, “united states of America.” . ...“ 1836.” Eeverse, the value, “two cents,” inscribed within a wreath of laurel. One tenth
stiver. (See plate 5, No. 16.)
A half dollar, of the same pattern as the dollar just noticed, was struck at the Mint at the same time. (See plate 5, No. 4.)
Two other half dollars were produced in this year. The first has the same obverse as the authorized coinage. On the reverse is an eagle,
engraved by Mr. Gobrecht. In the right talon it grasps an olive branch, and in the left four arrows. Legend, “ united states of America.” ....
“ half dollar.” This piece is said to be unique. The second has a bust of Liberty, by Mr. Kneass. It faces to the left, is adorned with
drapery, and has a tiara upon the forehead. A band, inscribed with the word “ liberty,” is cast over the hair, and partially confines it. To
the left of the effigy are seven, and to the right six, stars. Beneath is the date, “ 1838.” The reverse is the same as the legal half dollar. (See
plate 5, No. 5.)
Same year, a half dollar, bearing a bust of Liberty, by Mr. Gobrecht. This bust is undraped, and faces to the right. The hair is confined
in a roll behind, and the front of the head is adorned with a tiara, inscribed with the word “ liberty.” In other respects it conformed to the
type of the authorized coinage. (See plate 5, No. 6.) Both this head and that of Mr. Kneass, of the previous year, are finely executed, and,
being exceedingly rare, command high prices in the market.
1849. Two pattern three cent pieces were struck in this year. For the obverse the die of the legal half dime was used, while the reverse
of the first presents the number “ III,” and the other the figure “3.” These were one half silver. They are exceedingly rare. (See plate 5,
Nos. 7 and 8.)
1850. A third pattern for the three cent piece then in contemplation was produced. On the obverse is a liberty-cap inscribed with the
word “liberty,” and surrounded by diverging rays. Beneath is the date, “1850.” Eeverse, the denomination “III” encircled by a single
branch of palm. Legend, “united states of America.” (See plate 5, No. 9.)
In the same year the “ ring cent ” was produced. This piece is about the size of a dime, and has a small hole in the center, around which
is inscribed, on one side, “ u. s. a.” “ one tenth silver and on the other, “ cent,” “ 1850.” (See plate 5, No. 15.)
A dollar and half dollar, in gold, embodying the same idea, were also struck. These had only the legend, “ united states of AMERICA,” upon
one side, the other being plain. (See plate 5, No. 19.)
1853. The first “nickel cent” was produced in this year. The obverse is an imitation of the legal copper cent. The reverse has the
value, “one cent,” inscribed within a wreath of laurel, there being no legend. Sixty per cent nickel, remainder copper. Nearly as large as
the present nickel cent. (See plate 5, No. 17.)
1854. A copper cent appeared of the same pattern as the legal cent, but smaller in size, and the stars were omitted ; weight, 96 grains.
(See plate 5, No. 13.)
14
54
COINS AND COINAGE.
Same year. A cent of tlie same size as the preceding, but of a different type. Obverse, a flying eagle, thirteen stars, and the date.
Reverse same as the legal cent. This cent was composed of 95 per cent copper, 4 tin, and 1 zinc, and is the rarest of the pattern cents of this
period, being almost unique. (See plate 5, No. 14.)
1856. The nickel cent, which was adopted in the following year (1857), was first coined in this year. Its type and composition have been
already stated.
In 1858, a new device was contemplated for the nickel cent, and several varieties of that cent were coined. Of these there were three
different obverses. 1st. The obverse of the legal cent of 1857-8. 2d. A small eagle volant, .presented in a different position from that on the
legal cent. 3d. An Indian head, with a falling crown of feathers (afterward adopted).
These obverses were combined with four different reverses in such a manner as to produce eleven different varieties. These were as follows :
1st. A wreath of cereals , within which is inscribed “ one cent.” This was the same as the legal cent of 1858. 2d. An oak wreath, inclosing
the inscription, “ one cent,” above which is a small shield, bearing the arms of the United States. The objection to this was that the
shield had the appearance of a harp. 3d. Same as the preceding, with the shield omitted. 4th. A wreath of laurel, within which is inscribed
“one cent” (afterward adopted, in combination with the Indian head above). The large, or authorized eagle, was combined Avith the three last
named reverses; Avhile the other two obverses were combined with the four reverses, making eleven in all. (See plate 5, Nos. 22 and 23.)
1859. A new half dollar was proposed in this year, and several varieties were coined. First, we have a beautiful bust of Liberty, facing
to the right, the hair being done up in a braid behind, and crowned with a chaplet of oak. Around the shoulders of the effigy floats a scroll?
inscribed “liberty.” Legend, “united states of America.” “1859.” This fine head was the work of Mr. Longacre, the present engraver of
the Mint. This was combined with three different reverses, differing, however, only in the inscription. One has “ i dollar ” inscribed within
a wreath of cereals ; another, “50 cents,” within a similar Avreath; and a third, “half dollar,” Avitli the same Avreath. These reverses, Avhich
are very graceful, Avere engraved by Mr. Paquet, one of the engravers of the Mint. (See plate 5, No. 20.)
Mr. Paquet also produced a half dollar of the following description : Obverse, the goddess of Liberty, in a sitting posture, facing to the left,
her left hand resting upon the United States shield, Avhile Avith the right she supports the fasces. Beneath is the date, “ 1859,” and around the
edge thirteen stars. On the reverse is the American eagle, Avith its Avings expanded in flight, grasping an olive branch in the right and three
arrows in the left talon, while from its beak floats a scroll, inscribed “ e pluribus unum.” Upon its breast is suspended the United States shield.
Legend, “united states of America.” “half dollar.” (See plate 5, No. 4.)
Near the close of the year another pattern cent Avas struck. This is the same as the cent of the year 1860. (See plate 5, No. 25.)
1867. The first nickel five cent piece Avas produced this year. Obverse, the figure “5,” within a wreath composed of stars and diverging
rays. Legend, “united states of America.” “cents.” Reverse, a shield, partly surrounded Avith a Avreath of olive leaA 7 es, emblematical
of peace. Underneath the shield, “ 1867.” Legend, “in god ave trust.”
COINS AND COINAGE.
55
1868. This year another nickel five cent piece was issued, which is the same as that of 1867, with the exception of the rays, which are left
out of the wreath on the obverse side.
All the new coins issued during the last three years have the legend, “ in god we trust,” stamped on the reverse side.
SPAIN.
The unit of Spanish money is the real ; of this there are three kinds. First, the Mexican, or Spanish American, of which eight make a
silver dollar; second the real of new plate ( de plata nueva), of which ten are equal to a dollar; and third, the real vellon , of twenty to the
dollar. The latter is the one in use in Spain proper. It was formerly divided into thirty-four maravedis, or eight and a half cuartos (copper
coin), one cuarto consisting of four maravedis. Recently, however, the real has been made to consist of one hundred centimos.
1852-3. Pieces of four, two, and one real, all of the same type as the dollar, with the pillars and scroll on the reverse omitted, and the
edge milled. (See plate 6, No. 5.)
1857. Piece of 100 reals. Obverse, bust, laureated. “Isabel 2 a por la g. de dios y la const.” and the date, “1857.” Reverse, an oval
shield, bearing the royal arms, surmounted by a crown ; arms of Spain on a shield of pretense, and the arms of Anjou on a heart-shield.
Beneath are two palm branches, crossed; the denomination “100 R.” Value $4,962. (See plate 6, No. 1.)
1858. Twenty reals. The head of her majesty, as depicted on these pieces, is quite an improvement in symmetry of outline, if not in
likeness, upon the head found upon the coins of the previous issue. Values, $1,003. (See plate 6, No. 4.)
PORTUGAL.
1834. Half joe, of Maria II. Obverse, bust, “maria ii d. g. portug. et algarb. regina 1834.” Reverse, crowned shield, between oak
branches, crossed. Value about $8.65. (See plate 6, No. 2.)
1838. Coroa d’ouro, or gold crown, of 5000 reis. Obverse, bust, “maria ii portug. et algarb. regina 1838.” Reverse, drapery,
suspended from a crown, and forming a canopy over the shield. “5000 reis.” Value, $5.81. (See plate 6, No. 3.)
1838. Half crown. Same type. (See plate 6, No. 6.)
1838. Piece of 100 reis. Same type. (See plate 6, No. 7.)
AUSTRIA.
m •
Prior to the year 1800 there were four distinct series of coins minted within the Austrian dominions, consisting of the Austrian proper, the
Hungarian, the Lombard, and the Brabantine or Belgian. The former, or Austrian, was to be known by its double-headed eagle; the
Hungarian, by its images of the Virgin and child; the Lombard, by its shield, quartered with eagles and serpents; and the Belgian, by
its X shaped cross (St. Andrew’s cross), profusely ornamented.
56
COINS AND COINAGE.
The silver coinage embraced six denominations : the reichthaler, or rix-dollar ; the gulden, or florin, which was half of the former ; the piece
of twenty kreutzers, which was one third of the florin ; and the pieces of ten, five, and three kreutzers. These were all coined according to
the standard adopted in 1753, known as the convention rate. In fact, about the only currency now known in Austria consists of paper and
copper ; the former being received as a legal tender at the Government offices.
1840. Quadruple, of Ferdinand I. Obverse, bust, laureated, dressed in ermine, and bedecked with four order chains, “fred. i. d. g. austr.
imp. hun. boh. r. H. N. v.” Keverse, “rex. lom. et ven. DALM(atiae) gal. lod. ill. a. a. 1840.” Austrian eagle, ornamented with four order chains.
Value, $9.14. (See plate 6, No. 8.)
1840. Thaler. Same type. “ tueri recta,” on the edge. Value, $1.01. (See plate 6, No. 11.)
1848. Ducat. Obverse, “ v. ferd. magy ii. t. orsz. kiralya erd n. fejed.” Reverse, “sz. maria ist annya magy. or. vedoje, 1848.” Value,
$2,281. (See plate 6, No. 9.)
NETHERLANDS.
The intricacy of the political history of the Netherlands is tolerably portrayed in its coinage. For many years prior to the revolution,
there were several series of coins minted at the same time ; and, it is said, that there are some twenty different denominations of silver coins
circulating there to this day. Each of the seven provinces had its own mint. Their coins, however, seem to have differed but little except in
the device. They are generally quite readily distinguished by the name of the Province, which appears in an abbreviated form at the end
of the legend. Thus the coins of Holland proper are known by IIoll. or Holland ; those of Utrecht by T ra. or T raged ; those of Zealand
by Zel. or Zeelandia — sometimes merely the initial Z ; of West Friesland by Westf.; of Overyssel by Tran., Transisal, or Transisalania ;
of Gueldre by Geldria; and of Groningen by Gron. These distinctions have disappeared since the close of the last century. Many of these
coins have stamped upon them, evidently with a hand-punch, the abbreviations, “Hoi. Utr”, etc. (meaning Holland, Utrecht, etc.). This was
done by the authorities of these provinces, in order to render the coinage of another province current within their own jurisdiction; or, more
concisely speaking, to legalize them.
1846. One gulden, of William II. Obverse, head, “willem ii. koning. der ned. g. ii. v. s.” Value, 41 cents. (See plate 17, No. 12.)
BELGIUM.
No coins of Belgium progoer appear until 1829-30. After its incorporation with France its own coinage was abolished and the French
coins introduced ; and upon the acquisition of its independence in 1830, and the establishment of Belgium into a kingdom, under Leopold I,
the monetary system of France was continued, instead of the old Dutch system of florins and crowns, which had been previously used.
1835. Two francs. (See plate 6, No. 13.)
COINS AND COINAGE.
57
New System of Francs. Twenty francs, of Leopold I. Obverse, head, laureated. “ Leopold premier roi des beloes.” Reverse, “ 20 francs,
1835,” inclosed within a wreath of oak; “dieu protege la belgique,” on the edge. (See plate 6, No. 10.)
FRANCE.
The earliest coins of France are the deniers of the Carlovingian kings, commencing with Charlemagne. The coinage of money seems,
however, to have had a much earlier origin, and began under the Merovingian dynasty, at which time it consisted almost wholly of gold
pieces, which were imitations of the Roman and Byzantine coins, the principal denomination being the tremises, or third part of the sol dor,
or gold sou. The denier, which was the principal coin issued by the Carlovingian kings, was, as its name indicates, derived from the Roman
Denarius, and was equal to the twelfth part of a sou.
1851. Twenty francs. Obverse, female head, bound with a chaplet of cereals; hair tied in a braid behind; a fasces at one side and a
laurel branch at the other. Reverse, “20 francs,” inclosed in a wreath composed of oak and laurel branches, crossed. Value, 03.845. (See
plate 6, No. 14.)
1857. Fifty francs. Same type. Value, $9.70. (See plate 6, No. 15.)
1857. Twenty francs. Value, $3.85. (See plate 6, No. 16.)
1854. Five francs. Value, 97 cents. (See plate 6, No. 17.)
1851. One franc. Value, 19.4 cents. (See plate 6, No. 18.)
Five francs. Value, 97 cents. (See plate 6, No. 19.)
1854. One franc. Value, 9.4 cents. (See plate 6, No. 20.)
1853. Twenty centimes. Obverse, head, “napoleon hi empereur.” Reverse, “20 cent. 1853,” inclosed in a wreath composed of two
laurel branches, crossed, “empire francais.” (See plate 6, No. 21.)
GREAT BRITAIN.
The coinage of Britain, prior to the Roman invasion, presents but a meager aspect. Very little is known in regard to the metallic currency
of Britain prior to that epoch, except that the Britons, at a very early period, used a kind of ring money, which was similar in its character
to the ancient rings of the Greeks, and from whom, it is probable the use of such rings, as currency, had been borrowed. The Britons,
however, seem to have had some knowledge of the art of coining money, as evinced by various specimens of tin money, which have recently
come to light, and which are supposed to have been coined long before the invasion, and also by numerous specimens of the coins of the
British sovereigns, who still held sway in the island after the first visits of the Roman legions. Caesar mentions the fact that the Britons had
coins of tin and brass rings, adjusted to a certain weight. And even an examination of the ring money itself, in its different stages, clearly
15
58
COINS AND COINAGE.
points to this fact. Thus we find that, from being made of mere pieces of wire bent into the form of a ring and passing by weight, the practice
of cutting them to a certain weight and passing them bj tale followed soon upon their first introduction, and, as a still further advance toward
a perfect coin, the cast brass rings, which are found in great abundance in Ireland and some parts of Britain (and which are solid rings, instead
of being open at one side as before), appear to have been adjusted to a graduated system, founded upon the pennyweight or half pennyweight
as a unit. Therefore it is easy to conceive that the transition from a system so nearly resembling an actual coinage to the present form of
metallic money, must have followed in the natural course of events. After the departure of the Romans (about a. d. 414) until the commence-
ment of the Saxon heptarchy, some doubt exists as to whether the Britons had any coins at all ; but it is quite probable that they continued
the coinage of money after the same style of the Roman coinage. But upon the commencement of the Saxon rule in Britain an entire new
system was introduced, which was very unlike the coinage of the Romans, and which, it is thought, was brought to the shores of Britain by
the Saxons upon their first arrival in the country. The earliest coins of the Saxons was called the “ Skeattce,” and is supposed to have been
an imitation of the Byzantine quinarius ; the latter finding its way through the east and north of Germany from Constantinople. After the
skeattce came the silver penny, which was the only coin of the country, with the exception of occasional half pennies, up to the reign of
Edward III (1327-1377), when the first regular issue of groats, or four-penny pieces took place. This coin, however, was not originated in
this reign. In fact, a coin of this denomination was contemplated full a century earlier, as appears from the following extract from Grafton’s
Chronicle, published at London in 1569: “Also, about this time (1227, Wth year of Henry lid.) a parliament was holden at London, in the
which it was ordered that the English Grote should be coyned of a certaine weight, and of the one side the king’s picture, and one the other
side a crosse as large fully as the grote, to advoyd clippyng.” And in the time of the first Edward it is said a groat was coined, but not
generally circulated, being intended as a pattern. The latter piece, however, has long been much in dispute among numismatists, from the
fact that the coins of the three Edward, whose reigns came in succession, are so near alike as to require the most minute and ingenious reason-
ing to make any distinction between them. But the best authorities, including Hawkins, Ruding, and Humphrey, concur in the belief that the
pattern groat belongs to the reign of Edward I.
The first coinage of gold took place in 1257, the forty-first year of the reign of Henry ni, and consisted of the gold penny, which was
ordained to be of the finest gold, to weigh two sterlings, and to be current for twenty pence. But this coinage met with so much opposition
from the traders and others, as to cause its discontinuance ; and we have no further mention of a gold coinage until the seventeenth year of the
reign of Edward III, 1334, when an extensive issue took place, consisting of three different denominations: viz., the florin, half florin, and
quarter florin. The florin, according to the indenture made between the king and his moneyers, was to be equal in weight to two petit florins
of Florence, of good weight. Fifty pieces to be coined from th e pound tower of London, the half and quarter in proportion, and all to be of
fine gold, by which was meant twenty-three carats three and a half grains, fine gold, and half a grain alloy, thus coining fifteen pounds sterling
from the pound weight of gold. No regular copper coinage was issued by the government of Great Britain until the reign of Charles II, but
COINS AND COINAGE.
59
copper was previously coined by private individuals, under patents from James I, Charles I, and the Commonwealth, but were in small quantities,
and circulated principally in Ireland. This deficiency was previously supplied from the small coins of the continent, and from the issue of
private “ tokens ” by individuals and towns.
In the arrangement of the coins in the latter portion of this division, it will be noticed that the strict chronological rule has been partially
laid aside, and the pieces arranged under their respective monarchs, according to their denomination or value, the largest in value taking the
precedence. This arrangement commences with the coins of Charles II.
VICTORIA. 1837 — Reigning Sovereign.
1838. Sovereigns. Obverse, head, engraved by Wyon, from a wax model taken by himself from the life. “ victoria dei gratia 1838.”
Reverse, simple shield, surmounted by a crown, and bearing the arms of Great Britain, quartered , inclosed between two sprigs of laurel, crossed.
“ britanniarum Regina fid. def. ; ” the rose, thistle and shamrock, beneath. Value $4.8G1 each. (See plate 7, No. 1.)
1844. Crown. Obverse, Wyon’s head of Victoria, ‘‘victoria dei gratia .... 1844.” Reverse, crowned shield, bearing the arms, quartered,
between two branches of laurel, crossed, “britanniarum regina fid. def.” On the edge is “decus et tutamen,” etc. (See plate 7, No. 2.) Value
$1,124.
1847. Crown. Obverse, a finely engraved bust of the queen, crowned, “victoria dei gratia britanniar reg. f. d.” Reverse, four crowned
shields arranged as a cross, with the star of the cjarter in the center, and the rose, thistle and shamrock, in the angles. “ tueatur unita dens,
anno. dom. mdcccxlvii.” “decus et tutamen anno regni undecimo ,” on the edqe. Value $1,124. (See plate 7, No. 2.)
1840. Half crown. Obverse, I Vyon's head. “ victoria dei gratia .... 1840.” Reverse, crowned shield inclosed between two laurel branches
crossed; the rose, thistle and shamrock, beneath, “britanniarum regina fid. def. Value 56.2 cents. (See plate 7, No. 3.)
1849. One florin. Obverse, bust, crowned, “victoria regina. 1849.” Reverse, four crowned shields arranged as a cross, with a rose in the
center, and the thistle, rose and shamrock, in the angles. “ one florin, one tenth of a pound.” Value 45 cents. (See plate 7, No. 4.)
1839. Farthings (two pieces). Obverse, Wyon's head, “victoria dei gratia 1839.” Reverse, “britanniar. reg. fid. def.” (See
plate 7, No. 5.)
RUSSIA.
The unit of value in Russia is the rouble, which is divided into 100 cents, or copecks. The gold coins are the imperial, of ten roubles; the
half-imperial, or piece of five roubles; the piece of three roubles, and the one-rouble piece. Formerly there was a still smaller piece called a
pollina, or half rouble. The piece of three roubles, however, is the only piece found in circulation. The legal standards of the imperial are
917 thousandths fineness, and 201.75 Troy grains in weight; the smaller pieces in proportion.
The silver coins are the denominations of the rouble and its subdivisions, which are the pieces of 75, 50, 30, 25, 20, 15, 10, and 5 copecks;
60
COINS AND COINAGE.
and, since 1832, the piece of one-and-a-half rouble. Formerly there was also the double rouble, but this was long since discontinued. The
leo-al standards of the coined silver rouble are 875 thousandths fineness, and 319.6 Troy grains in weight ; the other denominations in
O
proportion.
The copper coinage comprises the pieces of 10, 5, 3, 2, 1, 1 and i copecks.
In the third year of the reign of Nicholas (1828), a decree was issued, authorizing the coinage of platinum in pieces of three roubles; and
in the following year the piece of six roubles, and, in 1830, a third piece, of the denomination of twelve roubles, were ordered. This experiment
in the art of coinage was looked upon at the time with much interest, as heralding the advent of a new circulating medium ; the metal being
at that time comparatively new, although its existence had long been known.
1839. Five roubles, or half imperial, of Nicholas. Obverse, same type as the platina coins. Beneath the eagle are the Russian characters
« A CH .” Reverse, “ 5 roubles — — — 1839. s. p. b.” inclosed in a beaded circle, "pure gold. 1 zolotnik 39 dolyah.” Value, $3.97. (See plate
7, No. 6.)
1851. Rouble of Nicholas. Obverse, the imperial eagle, as on th eplatina coins. Beneath are the Russian initials “p.— a.” inclosed in a
beaded circle, “pure silver. 4 zolotnik 21 dolyah.” Reverse, the imperial crown of Russia, beneath which is inscribed “money, rouble—
1851. s. p. b.” between branches of oak and laurel. Value, 79 cents. (See plate 7, No. 9.)
GREECE.
The Unit of Greek money is the draehme, which is divided into 100 lepta. It appears to be about the value of the ancient coin of the same
name, from which it was, doubtless, derived.
The gold coins are the pieces of 40 and 20 draehme. Only the smaller piece has yet appeared here. The legal fineness is nine tenths, and
the weight of the twenty-drachme piece, 89 Troy grains.
The silver coins are the pieces of five, one, one half, and one fourth drachma The fineness is nine tenths, and the weight 69 Troy grains to
the single draehme — the others in proportion.
The gold and silver coins are quite rare. Greece produces none of the precious metals, and is, therefore, dependent upon importation to
supply her coinage ; and from this cause, coupled with the fact that most of her coinage very soon finds its way to the melting-pot, after its
issue, has conspired to produce a scarcity, even within her own borders, which has rendered it necessary to adopt various coins of other countries,
in order to supply the demand. Thus, various foreign coins have been legalized, at certain rates : such as the five-franc piece of France at o.58
dr.; the Austrian rix-dollar, at 5.78 dr.; the Holland ducat, at 13 dr., etc.
The copper coinage consists of the pieces of ten, five, two, and one lepta. The latter coin may be said to represent the ancient lepton, more
popularly known as the “ widow's mite” but only so in name, as it is, in fact, a much larger piece.
COINS AND COINAGE.
61
1833. Twenty drachme of Oxho. Obverse, undraped bust, “00.0 A BAZ1AETZ 77/A EJAAAOZ ” (Otho, King of Greece). Beneath is the
engraver’s name, “<WJrT” (Voight). Reverse, a crowned shield, bearing the arms (azure; a cross argent), with the arms of Bavaria in the
center of the cross ( Barry bendy, azure and argent), inclosed between two branches of laurel. Beneath is inscribed the denomination and date,
“20 APAXMAJ' drachme) 1833.” Value, $3.45. (See plate 7, No. 7.)
1833-4. Pieces of one, one half, and one quarter drachme, all the same type and relative values of the five-drachmb piece. (See plate 7,
No. 10.)
DENMARK.
In the year 1813, a royal edict was promulgated, making an entire change in the coinage of this kingdom. The gold coinage now comprises
only the double and single Frederick d’or, or pieces of ten and five thalers ; their legal fineness is 896 thousandths, and the weight of the ten-thaler
piece 250 Troy grains; the other in proportion. The integer established by the provisions of this edict for the silver coinage is the rigsbank
daler, or dollar of the National Bank, which is just half the weight and value of the old unit, the specie daler. The smaller denominations
of 32, 16, and 8 rigsbank skillings, are equivalent to the i, A, and A, pieces of the old system. In 1836, the pieces of 4, 3, and 2 skillings
were added to the coinage, and are coined at the fineness of 250 thousandths ; the one-skilling piece has since been added. The specie daler,
although no longer the unit, or integer, still exists as a coin at it former standards.
1854. One rigsdaler. Same type. (See plate 7, No. 11.)
SWEDEN.
The unit of Swedish money, from ancient times, has been the riks-daler (government doller of 48 schillings). It was formerly coined at 878
thousandths fine, and at the weight of 451.7 Troy grains, and was subdivided into the pieces of two thirds and one third, of the same fineness ;
and the pieces of one sixth, one twelfth, and one twenty-fourth, at a lower standard. But, in 1830, a law was enacted, by virtue of which the
riks-daler is now coined at 750 thousandths fine, and at the weight of 525 Troy grains. This change, it will be noticed, makes no apparent
difference in the value. The lower denominations are the pieces of one half, one quarter, one eighth, and one sixteenth, of the same standard
of fineness.
The only gold com, prior to 1840, was the ducat, coined at 977 thousandths fine, and of the usual weight; but since 1840 there has been
issued a four-ducat piece, which appears to be of the same standard of fineness as the ducat. In addition to these, the National Bank is said
to be issuing gold of the denomination of the ducat. It is a noticeable fact, however, that gold is not a legal tender in the payment of debts,
being merely considered as bullion, and is bought and sold at market prices, the value being regulated by the price of gold in England
and Hamburg.
16
62
COINS AND COINAGE.
The copper coinage was formerly represented by a piece called an ore, or aere. This piece bore the same relation to the rihs-daler that the
United States cent does to the dollar, the dctler having consisted of one hundred ore. This was superseded by the skilling and its subdivisions,
which were, doubtless, the half and quarter, although only the quarter skilling has yet appeared here. At the present time, copper is issued
in large quantities by the National Bank, and consists of the pieces of two, one, two thirds, one third, and one sixth shilling. The skilling of
this series, it will be noticed, is only half the size of the government skilling. This discrepancy is accounted for by the following reasons : The
government or mint skilling represented the specie standard, being a subdivision of the specie daler, or riks-daler ; while the shilling banco
represents the standard of paper money, its intrinsic valuation depending upon the nominal value of the paper daler, which is about half the
value of the specie dcder.
The parliament of 1854, however (as appears from the report of Mr. Frestadius), abolished the skilling system, and reinstated the old ore
and its subdivisions, the half and quarter, so that the riks-daler is now subdivided into one hundred ore, instead of 48 schillings, as before.
Whether this law makes any alteration in the copper coins of the National Bank (which is an institution distinct from the Royal Mint, being
under the control of persons appointed by the parliament), we are unable to say ; but the copper coinage of the bank being based upon the
paper circulation, instead of the specie basis, as before noticed, would render very little change necessary, as the shilling banco would naturally
be nearly equivalent to the ore, or one hundredth part of the specie daler.
Norway, as before noticed, still continues to exercise the prerogative of coinage. The coins, however, are easily distinguished from those of
Sweden proper, not only by the arms, but by the legend on the obverse. In the former the word morges comes before Sveriges, whereas in the
latter this order is reversed. No changes having taken place in the composition of the Norway coins — either upon its change of masters m
1813 or the revision of Swedish coins in 1830 — they still retain the ancient Danish standard.
1838-1843. Pieces of one and four ducats, of Charles XIY. Both of the same type. Obverse, undraped bust, “ carl xiv. sveriges norr.
g. OCH. v. konung.” Reverse, the three crowns of Sweden upon an oval shield, encircled by the order chain and badge of the order of the
Seraphim, and displayed upon a mantle draped from a crown. Beneath are the initials “a. g. and the date. “ folkets. karlek min beloning.
Edge milled. Value of the Four-Ducat piece $9.07, and of the Ducat $2.26. (See plate 7, No. 13.)
1844. Riks-daler of Oscar. Obverse, undraped bust, “ oscar sveriges norr. gotil ocil vend, konung.” Reverse, a crowned shield, supported
by two lions, and bearing the arms of Sweden and Gothland, quartered, with a shield of pretense, bearing the arms of Vandalia and Bernadotte.
On the base, which supports the shield, is the date, « 1844,” and the denomination, « 1 b.— sp.” (1 riks-daler species). Beneath are the initials
« A> g.” Above is inscribed “ratt och. sanning,” and on the edge “ 75 — 100 delar fin silfver.” Value $1.10. (See plate t, No. 14.)
1850. Specie daler of Oscar. Obverse, undraped bust, “oscar norges sver. g. og. v. konge+ ret og sandhed” Reverse, the arms of Norway,
upon a crowned shield ; and the denomination “ 1 — sY,” inclosed between two branches of oak, crossed. Above is inscribed “ 91 st. 1 mk. f. s.,
and beneath, the date “ 18-50.” (See plate 7, No. 15.)
COINS AND COINAGE.
G3
1850. Pieces of five, two, one, and one half franken, all of the same type. Obverse, a device, emblematic of Helvetia; a female seated
amid emblems of agriculture, with her right arm extended, and supporting with her left hand a pointed shield bearing the arms (gules, a cross
argent). Above is the name “ Helvetia.” Reverse of the fivefranken. The denomination, “5 fr.,” and the date, “1850,” inclosed in a wreath
composed of oak and white lily branches, crossed. Values same as the French coinage of this date. (See plate 7, No. 16.)
1856 — 57. Pieces of one and one half skilling. Same type. Obverse, the royal monogram (f. vii,) surmounted by a crown between two
branches of oak, crossed. Beneath is the date. Reverse, a circular shield, bearing the denomination. Legend. “ skilling .... rigsmont.” (See
plate 7, No. 17.)
1850. Two centimes. Reverse, the numeral “2” inscribed between two branches of laurel, crossed. Contains no silver; an alloy of cop-
per, zinc, and nickel. (See plate 7, No. 18.)
MEXICO.
The monetary unit of value is the same in Mexico as in the United States, the American dollar having been derived from the Spanish dollar.
The coinage of Mexico has heretofore formed a large portion of the currency of the United States, especially in the smaller denominations,
the quarters, eighths, and sixteenths of the Mexican dollar, being commonly known by the various names of “ shillings, levies, ninepence,
sixpence, fp.s, hits ,” etc., according to locality.
Mexico has always been a large producer of silver, and, in former times, it was the practice to convert the silver into coins, prior to
exportation, a custom which was compelled by law, until within the last quarter of a century. This policy has served to give the currency of
Mexico a great prominence abroad. The bulk of the famous coinage known as the pillar dollar emanated from Mexico.
1858. A proof dollar, of the Mint of Mexico. Value $1.04. (See plate 8, No. 1.)
1859. Dollars, and their subdivisions, the half, quarter, eighth, and sixteenth, all of the same type. Obverse, a liberty-cap surrounded by
diverging rays, as in the agachados ; beneath is inscribed the denomination, mint-mark, date, mint-master’s initials, and the fineness, “10
n(ineros) 20 g ’’( ranos). Reverse, same as the gold coinage, the head of the eagle being erect. Value of the dollar $1,046. (See plate 8,
No. 3.)
1855. Dollar, and pieces of 50, 20, 10, and 5 centimos. All of the same type. Obverse, a statue of Liberty at front-face, supporting a
spear in one hand, and a shield, bearing the word “ libertad,” in the other. “ firme y feliz por la union.” “un peso.” (On the smaller pieces
the value is in “ centimos!’) Reverse, the arms of the Republic on a shield, crowned with oak, between branches of palm and laurel. “ republica
peruana, lima. 9 decimos fino m. b.” “ 1855 ” (See plate 8, No. 5.)
1824-1839. Dollars, and pieces of two and one real. All of the same type as the gold coinage, except that the sun, instead of being fully
risen, just appears above the mountain to the left of the field. (See plate 8, No. 2.)
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COINS AND COINAGE
1848. Dollar. Obverse, a shield, suspended upon four standards, and surmounted by a condor, with expanded wings, “republica de la
nueva granada,” and the date, “1848.” Reverse, “diez reales,” inscribed within a wreath of laurel. Beneath is inscribed “ley 0,900.” Value,
67.8 cents. (See plate 8, No. 4.)
SOUTH AMERICA.
The silver coins previous to 1833 were the pieces of three patacs , or 960 reis, and the two, one, one half, and one quarter patac, — all
professedly 917 thousandths fine. But by the law of 1833, these were displaced by a new series, consisting of the pieces of 1200, 800, 400,
200, and 100 reis, the largest piece being equivalent to the old 960 rei piece; they were all intended to be nine tenths fine. This coinage was
in turn superseded by the present series (apparently introduced about the year 1850, or 1851), which takes the millrei as its unit, and consists,
so far as we are able to learn, of the two, one, and one half millrei (or pieces of 2000, 1000, and 500 reis). There are doubtless other smaller
pieces belonging to this series, but how many or of what value we are not yet advised. The legal standard of fineness of all the new coins,
both gold and silver, is eleven twelfths.
1854. Pieces of two, one, and one half millrei. Legend, “ in hoc signo vinces.” (See plate 8, No. 6.)
1838. Dollars of Rioja. Obverse, the mountain of Potosi, with martial emblems beneath, “repub. Argentina confederada r.” — “ 1838.”
Reverse, the arms of the Confederacy, “eterno loor al restaurador rosas.” Values, average $1.04. (See plate 8, No. 7.)
1841. Dollar. Obverse, bust of Bolivar, laureated. “libre por la constitucion.” “bolivar.” Reverse, same type as No. 79. The dollars
of this period are very unsteady in value, varying three or four cents, from 103 cents upward. (See plate 8, No. 8.)
1844. Dollar or peso. Obverse, the arms inclosed between two branches of oak, crossed, “republica oriental del Uruguay.” “ 1844.”
Reverse, “un peso fuerte,” surrounded by nine stars, “litio de Montevideo.” “10! d!” (See plate 8, No. 9.)
CHILI.
This country became an independent republic in 1817 (having previously been a dependency of Spain), and commenced the coinage of
money in its new capacity in the same year.
Formerly the monetary system was the same as that received from the mother country; but in January, 1851, a law was passed establishing
a decimal system. The gold coins were to consist of the condor, or ten-dollar piece, and the half and quarter, or escudo — the unit being the
silver peso, or dollar of 100 centavo, which was subdivided in the half dollar, the twenty-cent piece, and the ten and five cent pieces, with the
two copper coins, the centavo and half centavo, being in fact the same as the system adopted for Peru in the same year. The twenty-dollar
piece, however, was not included. The standards of the gold coinage appear to be much below the standards of the United States ; so much
so, that the gold condor now sells in California for nine dollars.
COINS AND COINAGE.
G5
1856. Half dollars. Obverse, a condor, in flight; one piece of chain in its beak, and another dangling from its talon. “ por la razon o la
fuerza.” “ 1856.” Reverse, the arms of Chili, between branches of laurel. “ republica de chile, s.” “50 c.”(entavo). (See plate 8, No. 10.)
1818-1833. Dollars and pieces of 50, 25, and 12 centimes, of J. P. Boyer. All of the same type. Obverse, head of the president.
“ j. p. boyer, president,” and the year of the Republic (as “An 27 ”). (See plate 8, No. 11.)
1859. Twenty cents, of Frederick YII. Obverse, head. “Frederick vii, konge af danmark.” — “1859.” Reverse, a vessel under sail.
“dansk vestindisk mont.” “20 cents.” Edge milled. (See plate 8, No. 12.)
1791-1796. Dollar, half dollar, and ten-cent piece. All of the same type. Obverse, a lion. “ sierra leone company.” . ... “ Africa.” Reverse,
two hands clasped in friendship. Above and beneath the hands is inscribed “100.” (One hundred cents.) “one dollar piece.” “1791.”
(The half dollar is inscribed “ Half dollar piece” and the macuta “ ten cent piece?’) (See plate 8, No. 13.)
JAPAN.
This insular empire has a system of metallic money peculiar to itself. (See plate 8, Nos. 14 and 15.)
The Japanese coins comprise three sizes of gold, two of silver, and three of an alloy of inferior metals. In their shape, composition, and
relation to each other, they present some striking features, which set them apart from every other system of coinage in the world.
The principal gold coin, known as the cobang or cobank, is of an oval shape, about two and a half inches long, and half as wide. It is very
thin, soft, and easily bent, having no elasticity ; its appearance is that of fine gold, and its surface is marked by sundry figures not well
understood as yet, although it is said that the flowery ornaments are the arms of the spiritual emperor, and that a certain central cipher is
the special imprint of the Inspector General of Money.
JOSEPH JENKS, THE COINER OF THE PINE TREE SHILLING.
Joseph Jenks came from Hammersmith, England, in 1642, and settled in that part of Lynn, Massachusetts, which is now Saugus. He w r as
a machinist “at the Iron Works,” and was a man of great genius. He was the first founder who worked in brass and iron on the western
continent. By his hands were the first moldings made, and the first castings taken, of domestic utensils and iron tools in this country — at
least by Europeans. Tne first article cast by him was a small iron pot, of about the capacity of one quart. This is still retained by his
descendants, and is highly prized by them.
In June, 1646, Mr. Joseph Jenks presented a petition” to the General Court “that the Court would patronize his improvements in mills
and in the manufacture of scythes.” “January 20, 1647, Richard Leader sold to Joseph Jenks the privilege to build a forge at the Iron Works
17
66
COINS AND COINAGE.
for the manufacture of scythes.” "In May, 1655, the General Court granted to Mr. Joseph Jenks a patent for an improved Scythe, for the
more speedy cutting of grasse, for seven years.” This improvement consisted in lengthening the blade, making it thinner, and welding a
square bar on the back to strengthen it, as in the modern scythe. Before this the old English blade was short and thick like a bush scythe.
In 1652, a mint was established at Boston for coining silver. The pieces had the word "Massachusetts,” and the figure of a pine tree on
one side, and on the reverse “ N. E. Anno 1652,” and the numerals III, YI, or XII, denoting the number of pence. These were the famous
“pine tree” coins of our early history. The dies for this coinage were made by Joseph Jenks, at the Iron Works.
“In 1654, the selectmen of Boston agreed with Mr. Joseph Jenks for an Ingine to carry water in case of fire.” This was the first fire
engine built in America. Mr. Jenks was also the author of many important improvements in mills and iron tools, and several patents were
granted to him for his useful inventions.
Joseph Jenks, Jr., the eldest son of the inventor, removed to Rhode-Island, and settled there. His son Joseph was Governor of that State,
from 1727 to 1732. Hon. Thomas A. Jenckes, the eminent patent lawyer and present member of Congress from Rhode-Island, is one of Ins
descendants, and is widely known as the author of the Bankrupt Law, and of the United States Civil Service bill.
UNITED STATES COLONIAL .
UNITED STATES .
Plate 1
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The System of National Banks.
By Hon. E. G. SPAULDING, of Buffalo, N. Y.
A MONG other beneficial results left us by the Great Rebellion, was the system of National Currency and Banking — a very important
Governmental and Commercial agent, as well as bond of national union, but which, in consequence of a conflict of opinion among the
ablest statesmen of the country, was not attainable in time of peace.
The first United States Bank was established in 1791, under the influence of that peerless statesman, Alexander Hamilton. It was
approved by Washington, performed important service to the country, and continued in existence until 1811, the year previous to the last
war with Great Britain, when its charter expired ; and, consequently, great embarrassments were experienced in prosecuting that war, because
the Government was left without any adequate national currency to carry it on.
The second United States Bank was chartered in 1816, and continued, with like beneficial results as the first, until 1836, when its charter
expired. Both these banks were fiscal agents of the Government. They received and disbursed all the public moneys entrusted to them
without expense, and without the loss to the Government of a single dollar. These banks were likewise of great advantage to the business
community. Some of the ablest efforts of Webster and Clay were in favor of its continuance, and notwithstanding the decision of the Supreme
Court, headed by Chief Justice Marshall, in favor of its constitutionality, President Jackson, by reason of his official position, effectually
resisted a re-charter, removed the Government deposits to certain State banks, which proved very disastrous; heavy losses were sustained by
the Government, over trading ensued, and there was a general suspension of specie payments in 1837.
The friends of a United States bank again passed a bill through Congress for another bank in 1841, which was defeated by the veto of
John Tyler. The Sub-Treasury system was finally adopted in 1846, which isolated the Government from all banks and paper money, leaving
it without any moneyed institution, like the Bank of England, or other National agency, to resort to for aid in case of a war; consequently, at
the breaking out of the Rebellion, there was no system of currency adequate to the requirements of a great war.
The Sub-Treasury and State banks were tried, and very soon found to be wholly inadequate. Secretary Chase recommended the present
National Banking system, which he urged upon Congress in his first and second annual reports, as well as in special communications. The
G8
THE SYSTEM OF NATIONAL BANKS.
first draft of this Bank bill was prepared by Mr. Spaulding, chairman of the Sub-Committee of Ways and Means having this subject in charge,
in December, 1861, but it did not pass and become a law until February 25, 1863; and, although some National Bank currency was Issued in
1864, the system did not get fully into operation until 1865. It was of considerable benefit in supporting the public credit toward the close
of the war, and the banks all over the country rendered essential service in negotiating the bonds ; but the Government issue of Legal Tender
Notes, with and without interest, was the vital measure and main support of the Army and Navy during the war for the Union.
The experience of the last eight years under the present form of government, has clearly shown that the power to coin money from the
precious metals and regulate its value, and the power to issue bank notes, should be exercised by the same authority and equally under
governmental supervision. The power to coin money is, by the Constitution, vested in the United States Government, and forbidden to the
separate States. In regulating the value of coined money, it is essential that the Government should also regulate and control the paper
money issued by banks, because a convertible paper money is only an extension of coined money, and when both kinds of money circulate in
the same jurisdiction they constitute the measure of value for all business operations. It is plain, therefore, that both kinds of money should
be under the same authority and control, in order to regulate the value of both.
State Bank issues are local in character and credit, and possess none of the attributes of a National currency. The function of regulating
the currency of a great nation, possessed of large internal as well as foreign commerce, subject to the calamities of war, can only be suc-
cessfully performed by the General Government. The extension of railroads, water ways, and internal commerce, all over the country,
without regard to State boundaries, and the vast requirements of the late war, have more clearly demonstrated than ever before the necessity
of a convertible paper currency co-extensive with the boundaries of the United States.
The important resulting benefits growing out of the Great Rebellion are many and various, but none of them will be of more lasting benefit
to the Government and people than the inauguration of the system of National Currency and Banking, now in full operation, and which, with
proper amendments, will be adequate' to the wants of the nation in time of peace as well as in time of mar. Banking is a business requiring
accumulated capital and loanable funds. The issue of circulating Notes is another important feature, the leading idea of which is the establish-
ment of one sound, uniform currency, of like similitude and value, co-extensive with the jurisdiction of the United States, based upon national
credit combined with private accumulated capital, and under the general control and supervision of the Treasury Department at Washington.
By the National Currency Act the Government guarantees the currency, and limits the amount to $300,000,000; requires it to be well
secured by gold bearing Government bonds, deposited with the Treasurer of the United States, with a margin of ten per cent ; requires each
bank to redeem its own notes in lawful money on demand,' and to keep an adequate reserve for that purpose ; makes it a legal tender for all
taxes and other dues to the Government, except customs, and for all salaries and other dues owing by the Government within the United
States, except the principal and interest of the funded debt. It also makes it receivable by each National Bank for all ordinary debts due them,
and each bank designated as a Depository, is also required to receive it on deposit from all public officers. These provisions in the law operate
THE SYSTEM OF NATIONAL BANKS.
69
to nationalize and de-centralize this currency ; the United States Government tax of ten per cent on all State bank bills effectually kills the
issues of all State institutions, and consequently the National currency, with all these advantages, has a wide circulation all over the United
States, and connected as it is with the Greenback Legal Tender notes, they together are the measure of value in carrying on the internal com-
merce of the country, notwithstanding their depreciation. Their present depreciation is a fault which can only be remedied by a general
resumption of specie payments, in which the Government must take the lead by placing the greenback currency on a par with gold.
Two things remain to be done in order to perfect and make it the best banking system ever devised :
1. Redemption of this currency on demand in gold and silver, and making it a legal tender, at the same time divesting the law of every
feature of monopoly, by making it free and open to all.
2. Organize one or more banks at commercial centers, with large capitals but limited circulation, under the supervision and control of the
Treasury Department, to receive and disburse the public moneys, without expense, somewhat like the Bank of England, and a repeal of the
Sub-Treasury act, which in its operation is antagonistic to legitimate business, does more harm to the finances than it does good, and which
may be discontinued without detriment to the public service, and thereby save the expense of keeping it in operation.
This would make the National Banking System adequate to the wants of the nation in peace and war, and combine a large share of the
capital of the country in support of the government, and thereby become a strong bond of national union.
is
LEGAL TENDERS.
T the outbreak of the rebellion, the Government of the United States was, financially speaking, seriously crippled. There was no gold m
the treasury, and no national system of banking to supply the urgent need of ready funds. The people had voluntarily risen en masse
to sustain the Republic, and to defend the flag and the capitol of the country. From the thousands of volunteers in every loyal State, who
sprang to arms at the nation’s call, vast armies were organized and put into the field. The expenses of organizing, arming, equipping and
maintaining these forces, involved a heavy outlay. The public debt was increased $500,000,000 the first year, and the war expenses in
December, 1861, amounted to $2,000,000 a day. To meet these expenses fresh loans became necessary, and there was not currency enough
in the country to place these loans, to make the corresponding deliveries and transfers, and to carry on the accumulating private business
growing out of the war needs of the Government. Whatever the actual resources of the country might have been, it is clear that tliej could
not be made available without a money representation commensurate to the magnitude of the disbursements required. The ability of the
people to defray the whole cost of the conflict, and their willingness to do so, were never doubted by any body at all conversant with the
material prosperity of the north, and the spirit and determination of her sons. When, therefore, in the autumn of 1861, the difficulty ot
negotiating loans increased, it was from no want of faith in the national credit, as might superficially be imagined ; but it was the want, urgent
and mandatory, of increased monetary facilities. Thus it became an absolute necessity to determine upon some method of supplying this want,
the issues of the State banks being entirely inadequate to the emergency. And it needed little argument to show that whatever might be
the form of the currency to be created, it should be. based upon the entire resources of the country, and made subject to the direct control of
the Government, rather than founded upon the hazards of private credit, or so issued as to put the power into the hands of individuals or
associations to embarrass the Government at any moment they might choose to do so. This necessity called forth the bill originated by Hon.
E. G. Spaulding, of New-York, authorizing the issue of United States legal tender notes. This measure met with a vigorous opposition, alike
from those who cluno- to past theories of finance, with reason- or without, from parties whose private interests would be better served the
greater the public distress, and from those who secretly or openly desired the triumph of the rebellion ; but it was supported by the leading
men and best minds of the country, as the only practicable method of solving the financial problem.
LEGAL TENDERS.
71
The bill passed Congress, February 25, 1862, authorizing the issue of $150,000,000 in legal tender notes. This amount was increased by
subsequent acts, until $450,000,000 had been issued. The success of this measure in relieving the embarrassment of the Government, restoring
public confidence, and facilitating private business, amply proved its wisdom and justified its expediency.
Previous to the war, there were 1,600 local banking institutions in the United States, operating under State laws. On the first day of
January, 1861, the aggregate circulation of these banks was estimated to be $202,000,767, of which amount the loyal States held three
quarters, or $150,000,000. This circulation constituted a loan from the people to the banks, costing the banks nothing except the expense of
issue and redemption, and the interest upon the amount of specie which might actually be kept on hand for the latter purpose.
By the issue of United States notes the advantages of such inexpensive, non-interest-bearing loans were transferred from the banks,
representing only the interests of stockholders, to the Government, representing the aggregate interests of the whole people. By the
investiture of these notes with the debt solving power — making them a legal tender for all debts, public and private, in the United States —
they became at once the competent and favorite currency of the people, irrespective of State divisions; and being founded upon the whole
property of the nation, through the power of the Government to tax that property to its full amount for their security, and also being fundable
in bonds — simply another form of indebtedness, only bearing interest (as the notes are but another form of bonds, only not bearing interest,
and having additionally the circulating and debt solving power as money) — no question has ever arisen, as none ever can arise, unless in the
minds of willing traitors to their country, of the absolute validity of these notes; in other words, of the faith of the American Government —
of the solvency of the American people.
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STATEMENT OF TIIE PUBLIC DEBT.
STATEMENT OF TIIE PUBLIC DEBT OF TIIE UNITED STATES, SEPTEMBER 1, 1869.
Debt hearing Interest In Coin.
Authorizing Acts.
June 14, 1858
June 22, I860
February 8, 1861
March 2, 1861
July 17 and Aug. 5, 18G1
February 25, 1802
March 3, 1803
March 3, 1804
March 3, 18G4
June 30, 1804
March 3, 1805
March 3, 1805. ....
March 3, 1865
March 3, 1865.,
Character of Issue.
Bonds
Bonds
Bonds,
Bonds,
Bonds
Bonds,
Bonds,
Bonds,
Bonds,
Bonds,
Bonds,
Bonds,
Bonds,
Bonds,
1881
(Oregon war
1881
(5-20’s) ...
1881
(10-40’s). ..
(5-20’s) ...
(5-20’s) ...
(5-20’s) ...
(5-20’s) ....
(5-20’s) ...
(5-20’s) ....
1881
Rate of
Interest.
per cent .
per cent
6 per cent
6 per cent .
0 per cent .
6 per cent .
6 per cent .
5 per cent .
6 per cent .
0 per cent .
6 per cent .
6 per cent .
per cent .
per cent .
Aggregate of Debt bearing coin interest.
Amount
Outstanding.
$20,000,000
7,022,000
18,415,000
945,000
189.317.000
614.771.000
75,000.000
194.507.300
3,882,500
125.661.300
203,327,250
332,998.950
379,588,450
42,539,350
2,107,930,300 00
When Redeemable or Payable.
Payable after 15 years from January 1, 1859
Payable after 10 years from January 1, 1801
Payable after December 31, 1880
Redeemable 20 years from July 1, 1801
Payable at pleasure of Government after 20 years from June 30,1801
Redeemable after 5 and payable 20 years from May 1, 1802
Payable after June 3Q, 1881
Redeemable after 10 and payable 40 years from March 1, 1804
Redeemable after 5 and payable 20 years from November I, 1804....
Redeemable after 5 and payable 20 years from November 1, 1804
Redeemable after 5 and payable 20 years from November 1, 1805
Redeemable after 5 and payable 20 years from July 1, 1805
Redeemable afterS and payable 20 years from July 1, 1807
Redeemable after 5 and payable 20 years from July 1, 1808
Coupons due May 1 and July 1, 1869, not presented for payment. .
Accrued In-
terest.
When payable.
$100,600
07
58,516
07
184,150
00
9,450
00
1,893,176
00
10,295,432
00
750,000
00
4,804,182
50
77,650
00
2.511,220
00
4,000.545
00
3,329,989
50
3,795,884
50
425,393
50
32,428,202 34
4,53o,837 oO
30.903,599 84
January and July.
January and July.
January and July.
January and July.
January and July.
May and November.
January and July.
March and September.
May and November.
May and November.
May and November.
January and July.
January and July.
January and July.
Debt bearing Interest in Lawful Money.
Mar. 2, 1807, and July 2,
1868
July 23, 18G8
Certificates 3 per cent
Navy Pension Fund \3 per cent ....
Aggregate of Debt bearing interest in lawful money. . . .
$50,780,000 OO On demand, (interest estimated)
14,000,000 00 Interest only applicable to payment of pensions.
$1,142,550 00
70,000 00
04,780,000 001
1.212.550 00
Annually or on redemp-
tion of certificate.
January and July.
Debt on which Interest has ceased since maturity.
April 15, 1842
January 28, 1847
March 31, 1848
September 9, 1850
Prior to 1857
December 23, 1857
March 2, 1861
July 17, 1801
March 3, 1803
March 3, 1863
March 3, 1803 and June
30, 1864
June 30, 1864
June 30, 1864, and Mar.
3, 1865
Bonds
Bonds
Bonds
Bonds (Texas indemnity)
Treasury notes
Treasury notes
Treasury notes
Treasury notes (3 years)
Treasury notes (1 & 2 yrs)
Certifis. of indebtedness.
Compound interest notes
Temporary loan
Treasury notes (3 years)
0 per cent . .
0 per cent . .
6 per cent ..
5 per cent ....
T milltoGperct
5 to 54 per cent
6 per cent ....
7 3-10 per cent
5 per cent ....
6 per cent ....
0 per cent ....
4, 5, & 6 per ct
7 3-10 per cent
Aggregate of debt on which interest has ceased since maturity
$0,000 00
14,150 00
Matured December 31, 1802
Matured December 31, 1807
Matured July 1, 1808, (9 months’ interest)..
#300 00
ft4 f » 00
58,700 00
2,041 50
12,100 00
3,072 35
120 00
jpg op
242,000 00
Matured December 31, 1804
103,614 64
Matured at various dates
2,400 00
Matured March 1, 1859
3,300 00
Matured April and May, 1803
34,200 00
Matured August 19 and October 1. 1804
2,490 GO
15,924 10
720 00
318,482 00
Matured from January 7 to April 1, 1806
12,000 00
Matured at various dates in I860
2,7)4,980 00
Matured June 10, 1807, and May 15, 1808
522,823 57
7,580 19
183,110 00
Matured October 15, I860
955,550 00
Matured August 15, 1807, and June 15 and July 15, 1808
09,755 15
4,048,480 04
088,640 40
20
78
STATEMENT OF THE PUBLIC DEBT.
STATEMENT OF THE PUBLIC DEBT OF THE UNITED STATES, SEPTEMBER 1, I860.
Debt bearing no Interest.
$114,913 50
350,000,000 00
30,711,799 87
23,647,580 00
410,474,293 37
February 12, 18G2. . . J
February 25, 1862. . . 5 |
March 0, 18G3 ) I
July 17, 1862 Postal currency
'
Mai l ho, 18 Go 1 Fractional currency
June 30, 1864 5 |
riggl exilic IU UbUl ucaliujj uu liiibioni/ •••• ••••••••• • • • •
— tf
Recapitulation.
Amount
Outstanding.
Interest.
Debt bearing interest in coin, viz. :
$27,022,000 00
194.567,300 00
283.677-, 600 00
1,602,669,400 00
2,107,936,300 00
36,963,599 84
Debt bearing interest in lawful money, viz. :
50,780,000 00
14,000,000 00
64,780,000 00
1,212,550 00
Debt bearing no interest, viz. :
356,114,913 50
30,711,799 87
23,647,580 00
410,474,293 37
4,648,486 64
638,640 46
2,587,839,080 01
38,814,790 30
2,626,653,870 31
101,214,980 71
19 iiJ. 1.Q7 in
Sinking Fund, in United States coin interest bonds, and interest collected and accrued thereon
Other United States coin interest bonds Durchased. and accrued interest, thereon
14,020,830 00
23,311,065 00
150,691,868 81
2,475,902,501 50
2,481,500,730 29
A mount of nnhlir. debt. loss cash and sinkimr fund and Durchased bonds in Treasury, on the 1st ultimo
1 '
5,604.234 79
49.500,758 51
The foregoing is a correct statement of the Public Debt, as appears from the Books and Treasurer’s Returns in the Department at the close of business
on the last day of August, 1869. WILLIAM A. RICHARDSON, Acting Secretary of the Treasury.
PUBLIC DEBT,
PUBLIC DEBT OF THE UNITED STATES IN EACH YEAIl
FROM 1701 TO 1869.
January 1
.1791
52
1 792
06
1793
04
(t
1794
77
1795
38
1796
83,702,172
07
it
1797
33
a
1798
12
1799
77
1800
35
1801
80
tt
1802
25
tt
1803
30
1804
88
tt
1805
50
1806
75,723,270
66
1807
04
tt
1808
97
1809
09
1810
52
tt
1811
70
1812
90
tt
1813
57
1814
24
1815
15
1816
74
tt
1817
10
it
1018
83
n
1819
28
a
1820
15
a
1821
66
1822
98
a
1823
28
it
1824
77
a
1825
71
n
1826
99
tt
1827
20
n
1828
87
n
1829
58.421,413
07
a
1830
48,565,406
50
January 1..1831 $39,123,191 08
“ 1832 24,322,235 18
1833 7,001,032 88
1834 4,700,081 08
“ 1835 351,289 05
“ 1830 291,089 05
1837 1,878,223 55
“ 1838 4,857,000 40
“ 1839 11,983,737 53
“ 1840 5,125,077 03
1841 6,737,298 00
“ 1842 15,028,486 37
J «ly 1 1843 27,203,450 69
“ 1844 24,748,188 23
1845 17,093,794 80
“ 1846 16,750,926 33
1847 38,956,623 38
“ 1848 48,526,379 37
Pec. 1 1849 64,704,693 71
“ 1850 64,228,238 37
Nov. 20.... 1851 62,560,395 26
Doc. 30.... 1852 65,131,092 13
July 1 1853 67,340,628 78
“ 1854 47,242,206 05
Nov. 17.... 1855 39,969,731 05
“ 15 1856 30,963,909 64
July 1 1857 29,000,386 90
1858 44,910,777 66
1859 58,754,699 33
1860 64,769,703 08
1861 90,867,828 68
1862 514,211,371 92
1863 1,098,793,181 37
1864 1,740,690,489 49
1865 2,682,593,026 53
I860 2,783,425,879 21
1867 2,692,199,215 12
1868 2,636,320,964 67
1809 2,045,170,294 10
NATIONAL DEBTS
79
NATIONAL DEBTS.
Debt.
Population.
Average Amount
per Capita.
$3,999,010,695
2,645,170,294
9 rmn firm nrm
$133 33
75 57
54 79
21 06
20 23
35 37
46 66
117 43
15 51
11 94
41 35
103 60
20 00
France
36,500,000
68.932.000
21.770.000
16,000,000
3,619,000
16.440.000
18,000,000
1 4,000,000
222,000
1,000,000
80
TABULAR STATEMENT.
TABULAR STATEMENT SHOWING WHEN THE PUBLIC DEBT COULD BE PAID, WITH ESTIMATES OF POPULATIOy, EXPENSES
AND TAXES.
Year.
Populat’n compounded
at rate of 3 per cent,
per annum, after al-
lowing 1,831,451 for
the retardation of the
war.
Bate of taxation, per
head.
Aggregate
amount of the
taxes.
Expenses for army and
navy, civil service,
and pensions, in-
creased annually at
$2 per head on the
increase of popula-
tion.
Amount available for
interest and for re-
duction of debt.
Amount of debt
bearing interest.
j Rate of interest.
Amount of
interest.
Amount of
reduction.
Net debt.
18G8
38,000,000
$8 60
$326,800,000
$152,000,000
$174,800,000
$2,500,000,000
Per ct.
6
$150,000,000
$24,800,000
$2,475,200,000
1869
1,140,000
39,140,000
8 60
336,604,000
2,280,000
154,280,000
182,324,000
2,475,200,000
C
148,512,000
33,812,000
2,441,388,000
1870
1,174,200
40,314,200
8 60
346,702,120
2,348,400
156,628,400
190,073,720
2,441,388,000
6
146,483,280
43,590,440
2,397,797,560
1871
1,209,426
41,523,626
8 60
357,103,183
2,418,852
159,047,252
198,055,931
2,397,797,560
6
143,867,854
54,188,077
2,343,609,483
1872
1,245,708
42,769,334
8 GO
367,816,272
2,491,416
161,538,668
206,277,604
2,343,609,483
6
140,616,569
65,661,035
2,277,948,443
1873
1,283,080
44,052,414
8 60
378,850,700
2,566,160
164,104,828
214,745,932
2,277,948,448
54
125,287,164
89,458,768
2,18S,489,680
1871
1,321,572
45,373,986
8 60
390,216,280
2,643,144
166,747,972
223,4G8,308
2,188,489,680
5
109,424,484
114,043,824
2,074,445,856
1875
1,361,219
46,735,205
8 CO
401,922,763
2,722,438
169,470,410
232,452,353
2,074,445,856
5
103,722,292
128,730,061
1.945,715,795
1876
1,402,056
48,137,261
8 60
413,980,445
2,804,112
172,274,522
241,705,923
1,945,715,795
5
97,285,789
144,420,134
1,801,295,661
1877
1,444,117
49,581,378
8 60
426,399,851
2,888,234
175,162,756
251,237,095
1,801,295,661
6
90,064,783
161,172.312
1,640,123,349
1878
1,487,441
51,068,819
8 60
439,191,843
2,974,882
178,137,638
261,054,205
1,G40,123,349
5
82,006,167
179,048,038
1,461,075,311
1879
1,532,064
52,600,883
8 60
452,367,594
3,064,128
181,201,766
271,165,828
1,461,075,311
5
73,053,766
198,112,062
1.262,963.249
1880
1,578,026
54,178,909
8 60
465,938,617
3,156,052
184,357,818
281,580,799
1,262,963,249
5
63,148,162
218,432,637
1,044,530,612
1881
1,625,367
55,804,276
8 60
479,916,763
3,250,734
187,608,552
292,308,211
1,044,530,612
5
52,226,530
240,0S1,6S1
804.44S,931
1882
1,674,128
57,478,404
8 60
494,314,274
3,348,256
190,956,808
303,357,466
804,448,931
5
40,222,445
263,135,021
541.313.910
1883
1,724,352
59,202,756
8 60
509,143,702
3,448,704
194,405,512
314,738,190
541,313,910
5
27,055,G95
287,672,495
253,641,413
1884
1,776,082
60,978,838
8 61+
4G4.281,1G1
3,552,164
197,957,676
266,323,485
253,641,415
5
12,682.070
253,641,415
Debt paid.
REVENUE
81
11E VENUE OF THE GOVERNMENT IN EACH YEAH FROM 1 ISO TO 1868.
1791
1 792
1793
1791
1795
1790
1797
1798
1799
1800
1801 .
1802 .
1803.
1801
1805.
1806-
1807.
1808.
1809.
1810.
1811.
1812.
1813.
1814.
1815.
1816.
1817.
1818.
1819.
1820.
1821.
1822.
1823.
1824.
1825.
1826.
1827.
1828.
1829.
1830.
1831.
1832.
1833.
1834.
1835.
1836.
1837.
1838.
1839.
(from March 4, 1789, to Dec. 31) .
(for the year)
From bank stocks, divi-
dends and bonds.
$8,028 00
38,500 00
303,472 00
102,000 00
1,240,000 00
385,220 00
79,920 00
71,040 00
71,040 00
88,800 00
1,327,560 00
202,426 00
525.000 00
675.000 00
1,000,000 00
105.000 00
297.500 00
350.000 00
350.000 00
367.500 00
402.500 00
420.000 00
455.000 00
490.000 00
490,000 00
490.000 00
659.000 00
610,285 00
586,649 50
569,280 82
328,674 67
1,375,965 44
4,542,102 22
From miscellaneous
sources.
Total, exclusive of loans
and treasury notes.
$19,440 10
$4,418,913 19
9,936 65
8,669,900 31
10,390 37
4,652,923 14
23,799 48
5,431,904 87
5.917 97
6,114,534 59
16,506 14
8,377,529 65
30,379 29
8,688,780 99
18,692 81
■ 7,900,495 80
45,187 56
7,546,813 31
74,712 10
10,848,749 10
266,149 15
12,935,330 95
177,905 86
14,995,793 95
115,518 18
11,064,097 63
112,575 53
11,826,307 38
19,039 80
13,560,694 20
10,004 19
15,559,931 07
34,935 69
16,398,019 26
21,802 35
17,060,661 93
23,638 51
7,773,473 12
84,476 84
9,384,214 28
60,068 52
14,423,529 09
41,125 47
9,801,132 76
236,571 00
14,340,409 96
119,399 81
11,181,625 16
150,282 74
15,696,916 82
123,994 61
47,676,985 66
80,389 17
33,099,049 74
37,547 71
21,585,180 04
57,027 10
24,003.374 37
54,872 49
17,840,669 55
152,072 52
14,573,379 72
452,355 15
20,232,427 94
141,019 15
20,540,666 26
127,603 60
19,381,212 79
129,982 25
21,840,858 02
94,288 52
25,260,434 21
1,315,621 83
22,966,363 96
65,106 34
24,763,629 23
112,561 95
24,827,627 38
73,172 64
24,844,116 51
583,563 03
28,526,820 82
101,165 66
31,867,450 66
334,796 67
33,948,426 25
128,412 32
21,791,935 55
696.279 13
35,430,087 10
2,209,891 32
50,826,796 08
5,625,479 15
24,954,153 04
2,517,252 42
26,302,561 74
1,265,088 91
31,482,749 61
From loans and treasury
notes.
$5,791,112 56
5,070,806 46
1,067,701 14
4,609,196 78
3,305,268 20
362,800 00
70,135 41
308,574 27
5,074,646 53
1,602,435 04
10,125 00
5,597 36
9,532 64
128,814 94
48,897 71
1,822 16
2,759,992 25
8,309 05
12,837,900 00
20,184,435 00
23,377,911 79
35,264,320 78
9,494,436 16
734,542 59
8,705 62
2,291 00
3,040,824 13
5,000,324 00
5,000,000 00
5,000,000 00
2,992,989 15
12,716,820 86
3.857,276 21
Total receipts.
$10,210,025 75
8,740,766 77
5,720,624 28
10,011,101 65
9,419,802 79
8,740.329 65
8,758,916 40
8,209,070 07
12,621,459 84
12,451,184 14
12,945,455 95
15,001,391 31
1 1 ,061,097 63
1 1,835,840 02
13,689,509 14
15.608,828 78
16,398,019 26
17,062,484 09
7,773.4 73 12
12,144,206 53
14,431,838 14
22,639,032 76
40.524,844 95
34,559,536 95
50,961,237 60
57,171,421 82
33,833,592 03
21,693,945 66
24.605.665 37
20,881.493 68
19,573,703 72
20,232,427 94
20.540.666 26
24,381.212 79
26,840,858 02
25,260,434 21
22,966.363 96
24,763,629 23
24,827,627 38
24,844,116 51
28,526,820 82
31,867,450 66
33,948 426 25
21,791,935 55
35,430,087 10
50,826.796 08
27,947,142 19
39,019,382 60
35,340,025 82
21
82
REVENUE.
REVENUE OF THE GOVERNMENT IN EACH YI
From bank stocks, divi-
dends and bonds.
From miscellaneous
sources.
1,744,513 80 911,733 82
672,769 38 331,285 57
1841
290^235 99
1844_’45 “
333^201 78
1345_’4G
1846-47
284^444 36
1847-48
13 18— ’40
18 49 -’50
1850-51
266,072 09 921,933 24
1,021 34 438,580 7G
1851 ’52
1852-58
1853 ’54
1854 ’55
1856-57
1859 ’60
I860 ’61
1861-62
18G2 ’63
1865-66
1866-67
1867 ’68
FROM 17 SO TO ISOS.
Total, exclusive of loans
and treasury notes.
From loans and treasury
notes.
Total receipts.
19,480.115 33
5.589,547 51
25.069.602 84
1G, 860. 160 27
13,659,317 38
20.519.477 65
19,965.009 25
14.808,735 64
34.773.744 89
8,241.001 2G
12,541.109 19
20.782.410 45
29,320.707 78
1 877.847 95
31,198,000 i5
29,911.853 90
29 941.853 90
29,684.157 05
29,684.157 05
2G, 531.039 22
28,870,765 36
55,401,804 58
35,713,109 G5
21.293.780 00
57,000.889 63
30,374.307 07
29,422,585 91
59,796.892 98
42.234,039 79
5,435. 12G 96
47,669.766 75
52,557,87 8 55
203,400 00
52,761,278 55
49,822,168 30
46.300 00
49,868,468 30
61,787,054 58
16,850 00
61,803,401 58
73,800,341 40
1.950 00
73,802,291 40
65,350,574 68
800 00
65,351,374 68
74.050.699 24
200 00
74,056,899 24
68.965,312 57
3,900 00
68.969,212 57
46,655,365 96
23,717.300 00
70,372,665 96
53,486,465 64
28,287.500 00
81,773,965 64
50,054,599 83
20,786,808 00
76,841.407 83
41.476,299 49
41.895.340 65
83,371.640 13
51,935,720 76
529,692,460 50
581,628.181 26
112,687,290 95
776.682.361 57
889,379.652 52
264, (>26, 771 60
1,121.131,842 98
1.385.758,614 58
333. 14.C05 08
1.472.224,740 85
1,805,939 345 93
558,032,620 06
712,851,553 05
1,270,884.173 11
490,634,010 27
640.426,910 29
1.131,060.920 16
105,638.083 32
625,111,433 20
1.030.749.516 52
REVENUE
83
REVENUE OF THE GOVERNMENT IN EACH YEAR FROM 1780 TO 1868.
1791 (from March 4, 1789, to Dec. 31)
1793 (for the year)
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802 '•
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
From customs : duties,
imposts, and tonnage.
From internal revenue.
From direct tax.
From postage.
From public lands.
$i i 090 r»i
TjiddjOull DO
4 sm nor. 9S
9J4 OSO
' 29^478 49
99 400 00
6,567,987 94
475,289 60
72^909 84
$4,836 13
7,549,649 G5
575,491 45
64,500 00
83,540 60
7,106,061 93
644,357 95
39,500 00
11,963 11
41 000 00
UjUlvj jiv ul
9,080.932 73
809,396 55
$734,223 97
78^000 00
443 75
10,750,778 93
1,048,033 43
534,343 38
79,500 00
167,726 06
12,438,235 74
621,898 89
206,565 44
35,000 00
188,628 02
10,479,417 61
215,177 69
71,879 20
16,427 26
165,675 69
11,098,565 33
50,941 29
50,198 44
26,500 00
487,526 79
12,936,487 04
21,747 15
21,883 91
21,342 50
540,193 80
14,667,698 17
20,101 45
55,763 86
41,117 67
765,245 73
15,845,521 61
13,051 40
34,732 56
3,614 73
466,163 27
16,363,550 58
8,210 73
19,159 21
647,939 06
7,296,020 58
4,044 39
7,517 31
442,252 33
8,583,309 31
7,430 63
12,448 68
696,548 82
13,313,222 73
2,295 95
7,666 66
37 70
1,040,237 53
8,958,777 53
4,903 06
859 22
85,039 70
710,427 78
13,224,623 25
4,755 04
3,805 52
35,000 00
835,655 14
5,998,772 08
1,662,984 22
2,219,497 36
45,000 00
1,135,971 09
7,282,942 22
4,678,059 07
2,162,673 41
135,000 00
1,287,959 28
36,306,874 88
5,124,708 31
4,253,635 09
149,787 74
1,717,985 03
26,283,348 49
2,678,100 77
1,834,187 04
29,371 91
1,991,226 06
17,176,385 00
955,279 20
264,333 36
20,070 00
2,606,564 77
20,203,608 76
229,593 63
83,650 78
71 32
3.274,422 78
15,005,612 15
106,260 53
31,580 82
6,465 05
1,635,871 61
13,004,447 15
69,027 63
29,349 05
516 91
1,212,966 46
17,589,761 94
67,665 71
20,961 56
602 04
1,803,581 54
19,088,433 44
34,242 17
10,337 71
110 69
916,523 10
17,878,325 71
34,603 37
6,201 96
984,418 15
20,098,713 45
25,771 35
2,330 85
469 56
1,216,090 56
23,341,331 77
21,589 93
6,638 76
300 14
1,393,785 09
19,712,283 29
19,885 68
2,626 90
101 00
1,495,845 26
23,205,523 64
17,451 54
2,218 81
20 15
1,018,308 75
22,681,965 91
14,502 74
11,335 05
86 60
1,517,175 13
21,922,391 39
12,160 62
16,980 59
55 13
2,329,356 14
24,224,441 77
6,933 51
10,506 01
561 02
3,210,815 48
28,465,237 24
11,630 65
6,791 13
244 95
2,623,381 03
29,032,508 91
2,759 00
394 12
3,967,682 55
16,214,957 15
4,196 09
19 80
100 00
4.857,600 69
19,391,310 59
10,459 48
4,263 33
893 00
14,757,600 75
23,409,940 53
370 00
728 79
10 91
24,877,179 86
11,169,290 39
5,493 84
1,687 70
6,776,236 52
16,158,800 30
2,467 27
3,081,939 47
23,137,924 81
2,553 32
755 22
7,076,447 35
REVENUE OF THE GOVERNMENT IN EACH YEAR FROM 1780 TO 1868 ■
From customs : duties,
imposts, and tonnage.
From internal revenue.
From direct tax.
From postage.
From public lands.
13,499.502 17
14,487,216 74
18,187,908 76
7,046.843 91
26,183,570 94
27,528.112 70
26,712,067 87
23.747.864 GO
31,757,070 66
28,346,738 82
39,608,686 42
49,017.567 92
47.339,326 62
58.931.865 52
64,224,190 27
53,025,794 21
64,022,863 50
63,875,905 05
41,789,620 96
49,565,824 38
53,187,511 87
39,582,125 64
49,056.397 62
09,059,642 40
1,082 25
3,261 36
495 00
3,292,683 29
1,365,627 42
1,335,797 52
103 25
1,777 34
3,517 12
897,818 11
1843 (six months ending June 30)
2.059,939 80
1844 (fiscal year ending June oOj
2,077,022 30
2,897 26
375 00
2,694.452 48
1845 — 10
2,498,355 20
375 00
3,328,642 56
1 Si 7- 48
375 00
1,688.959 55
1,859,894 25
2,352,305 30
2,043.239 58
1,667,08 1 99
8,470,798 39
11,497,049 07
8,917,644 93
3,829,486 64
1 858-59
1,750,687 30
1,778,557 71
870,658 54
1,795,331 73
152.203 77
37,640,787 95
1,485,103 61
167,617 17
102 <416 152 99
109,741,134 10
475,648 96
1,200,573 03
583,333 29
84. 028 ?fiO 60
209,464,215 25
309,226,813 42
996,553 31
179^046,651 58
176,417,810 88
164,464,599 56
1,974,754 12
665,031 03
266,027,537 43
4,200,233 70
1,163,575 76
1867-68
191^087^589 41
1J88.145 85
1,348,715 41
EXPENDITURES.
85
EXPENDITURES OF THE GOVERNMENT IN EACH YEAR FROM 1780 TO 1868.
Civil List.
Foreign In-
tercourse.
Navy Depart-
ment.
War Depart-
ment.
Pensions.
Indians.
From March 4 1780 t,o Dec. 81 1701
$757,134 45
380.017 58
$14,733 33
78,700 07
$570 00
53 02
$032,804 03
$175,813 88
$27,000 00
1,100,702 09
109,243 15
13,648 85
358.241 08
89,500 00
140,403 51
912,685 12
184,859 04
1,130.249 08
2,029,097 59
80,017 81
27,282 83
440,940 58
301,033 30
447,139 05
483.233 70
61,408 97
410,562 03
274,784 04
81,399 24
13,042 46
2,480,910 13
68,073 22
23,475 69
1,260,263 84
100,843 71
113,503 98
009,788 54
457,428 74
271,374 11
382,031 89
1,039,402 GO
2,009,522 30
92,256 97
02,396 38
504,005 17
1,381,347 76
2,858,081 84
104,845 33
16,470 09
592,905 70
748,088 45
549,288 31
590.981 11
2,460,946 98
2,560,878 77
95,444 03
20,302 19
395' 288 18
295,070 73
650,925 93
3,448,710 03
2,111,424 00
04,130 73
73,533 37
31 22
1,672,944 08
9,000 00
915,661 87
1,179,148 25
822,055 85
85,440 39
94,000 00
520,583 12
624,795 03
585,849 79
1,110,834 77
1,215,230 53
62,902 10
00,000 00
1,180,055 57
1,189,832 75
875,423 93
80,092 80
1 10,500 00
2,798,028 77
1,597,500 00
712,781 28
81,854 59
81,875 53
190,500 00
684,230 53
655.524 05
691,107 80
712,405 13
1,700,421 30
1,049,641 44
1,224,355 38
234,200 00
577,820 34
1.722,004 47
1,288,685 91
70,500 00
205,425 00
304,992 83
1,884,067 80
2,900,834 40
3,347,772 17
82,576 04
213,575 00
106,300 04
2,427,758 80
87,833 54
337,503 84
703,994 03
044,407 27
81,307 48
1,054,244 20
2,294,323 94
83,744 10
177,025 00
151,875 00
204,904 47
1,905,500 39
2,032,828 19
75,043 88
820,271 55
780,545 45
347,703 29
3,959,365 15
11,817,798 24
91,402 10
277,845 00
209,941 01
0,446,000 10
19,062,013 02
20,350,800 86
80,989 91
167,358 28
927,424 23
852.247 16
1,208,125 77
994,550 17
1.109,559 70
177,179 97
7,311.290 00
90,104 36
107,394 80
290,892 04
8,000,000 25
14,794,294 22
69,656 06
530,750 00
304,020 40
3,908,278 30
10,012.090 80
188,804 15
2274,51 16
281,995 97
3,314.598 49
8,004,230 53
297,374 43
319,463 71
420,429 90
2,953,695 00
5,022,715 10
6,500,300 37
*890,719 90
505,704 27
1,142,180 41
284,113 94
3,847,640 42
2,415,939 85
403,181 39
1.248,310 05
253,370 04
4,387,990 00
2,030,392 31
3,208,376 31
315,760 01
1,112,292 04
1,158,131 58
207,110 75
3,319,243 06
4,401,291 78
242.817 25
477,005 44
164,879 51
2,224,458 98
3,111.981 48
1,948,199 40
575,007 41
1,058,911 65
292,118 56
2,503,705 83
3,090,924 43
1,780,588 52
380,781 82
1,330.200 24
f.5,140,099 83
2,904,581 56
3,340,939 85
1,498,320 59
429,987 90
1,330,747 24
371,666 25
3,049,083 86
3,659,913 18
1,308,810 57
724,106 44
1,256,745 48
232,719 08
4,281,902 45
3,943,194 37
1,556.593 83
743,447 83
1,227,141 04
059,211 87
4,203,877 45
3,938,977 88
976,148 86
760,624 88
1,455,490 58
1,001,193 06
3,918,786 44
4,145,544 50
850,573 57
705,084 24
1,327,009 36
207,765 85
3,308,745 47
6.250,230 28
949,594 47
570,344 74
1,579,724 64
294,067 27
298,554 00
3,239,428 63
6,752,088 06
1,303,297 31
622,262 47
1,373,755 99
3.850,183 07
4,846,405 01
1,170,065 14
1,184,422 40
4,589,152 40
926,107 98
1,352,323 40
1,800,757 74
325,181 07
3,950,370 29
5,440,131 23
1,502,758 28
955,395 88
3,901,356 75
6,705,022 95
1,801,977 08
2,080,001 60
241,502 35
3,956,260 42
6,098,617 51
3,364,285 30
1,002,625 07
1,905,551 51
774,750 28
3,864,939 06
5,827,948 57
1,954,711 32
1,637,652 80
4,993,100 It
2,110,175 47
533,382 65
5,807,718 23
11,791,208 02
2,882,797 96
2,357,035 94
2,688,708 56
4,603,905 40
1,215,095 52
6,640,914 53
13,731,172 31
13,088,169 09
2,072,162 45
4,299,594 68
0,131,580 53
2,156,057 29
5,313,245 81
2,116,982 77
987,607 92
0,182,294 25
9,227,045 90
3,142,750 50
2,218,907 18
* The first revolutionary pensions. t Purchase of Florida.
22
86
EXPENDITURES
EXPENDITURES OF THE GOVERNMENT IN EACH YEAR FROM 1 1 80 TO 1SG8.
Civil List.
Foreign In-
tercourse.
Navy Depart-
ment.
War Depart-
ment.
Pensions.
Indians.
2,736,769 31
6S3.278 15
6,113,896 89
6,001,076 97
8,397,242 95
7,155,204 99
2,603,562 17
2,271,857 10
1.273,697 44
2,556,471 79
428,410 57
2 151.400 54
2,905,041 65
563,191 41
382,404 47
1,222,422 48
2,454,958 15
2,309,652 79
400,566 04
3,727 , / 1 1 53
5,192,445 05
5,819,888 50
2,032,008 99
1,282,271 00
1,467,774 95
1 080,047 80
636,079 66
6,498,199 11
702,637 22
6,297,177 89
2 ,o*!o,ooi A
2,532,232 92
409,292 55
0,455,013 92
7,900,635 76
10,003,0/4: oo
1 496,008 69
2,570,338 44
405,079 10
1 103^251 78
2,645,802 87
448,593 01
9,408,476 02
27,005,07-1: oO
509,263 25
2,865,196 91
6,908,996 72
9,786,705 92
7.904,724 66
1,663^591 47
2 829,801 77
3.027,454 39
5,990,858 81
3,481,219 51
6,256,427 16
8,880,581 38
8,918,842 10
11,067,789 53
10,790,096 32
13,327,095 11
12,10l,Joo 11
3.043.576 04
3,439,923 22
4,196,321 59
o,o31,oUo 1 J
1 73rt 9fi9 4.'";
3.900.537 87
4,265,861 08
950,871 30
1 413.995 08
4,621,492 24
G. 350, 875 88
*7,763,812 31
997,007 26
14,648,074 07
1.542.255 40
1 341 097 70
2.708,347 71
2.596,465 92
6,452.250 35
3,642,615 39
14,0/4,834 64
12,651.694 61
14,053 264 64
14,690,927 90
11,514,649 83
4.241.028 60
7.611.547 27
999,177 65
ID, i d J , 1 dU 0 /
4.976.871 34
7,110,339 04
1,396,503 72
2 o, 0 / J,i-i ud
1858-59
5.913.281 50
6,077,008 95
981.946 87
1.146,143 79
2o,lo4:,/3u oO
14,472.202 72
1.100,802 32
1 031 non 7.3
2.991,121 54
2,865.481 17
6,074,141 83
1,147,786 91
12,387,156 52
2.223.402 27
5,939.009 29
1,339,710 35
42,674.569 69
63,211,105 27
1,076,326 35
2.538,297 80
6,350,618 78
1,231,413 03
i>^jy,ZUO,OUU OO
8,059,177 23
1.290.691 92
80 , <33,292 < 7
122,567,776 12
43,324,118 52
31,034,011 04
25,775,502 72
4,966,964 90
3,247,064 56
10,833,944 87
1.260.818 08
12.287,828 55
1,338,388 18
90 030 71
4^642,531 72
4,100,682 37
15,585,489 55
11,950,156 58
1,548,589 26
1,441,344 05
123.246,648 62
23,782.386 78
* Includes seven millions of Mexican indemnity. The years 1849 to 1852 also embrace large sums paid to Mexico.
EXPENDITURES
87
EXPENDITURES OF THE GOVERNMENT IN EACH YEAR FROM 178!) TO 1868 .
Miscellaneous.
Total of ordinary
expenditures.
Interest on pub-
lic debt.
Principal of
public debt.
Total debts and
loans.
Total expendi-
tures.
$311,533 83
104.572 32
24,700 40
118,248 30
02.718 50
$1,010,583 52
1,877,003 77
1,710,070 20
3.500,540 05
4.350.058 04
$2,340,437 44
3,201,028 23
2,772.242 12
$2,933,512 00
4,002,037 76
3,047,263 18
$5,287,940 50
7,207,005 90
5,819,505 29
$7,207,539 02
9,141,509 67
7,520,575 55
3430,202 52
3,180,151 10
3.105,054 53
2,311,285 57
5,801,378 09
9,302,124 74
2,805,260 45
6,034,411 61
10,435,009 65
8,307,770 84
150,476 14
103.880 82
2.531,030 40
2,040,701 01
5,835,840 44
2.833,500 00
3,300,043 00
3,053,281 28
3,180,287 00
3,374,704 72
4,412,012 93
4,125,038 95
2,402,378 70
5,702,421 82
3,990,294 14
8,620,012 78
149.004 15
4.023.223 54
937,012 80
1,410,589 18
8,013,517 08
175.111 81
0,480,100 72
4,590,870 78
11,077,043 50
103,030 50
200,803 41
315,022 30
7T 11.369 77
1,203,005 23
4,578,309 95
11,989,739 92
4, 081, GOO 00
3,737,070 01
4.002.824 44
2,878,704 11
7,201,707 04
12,273,370 94
5,413,965 81
3,407,331 43
9,530,004 70
7,256,159 43
13,276,084 67
205,217 87
370,558 23
384,720 10
445,485 18
3,848,828 00
11,258,983 07
4,452,858 01
4,206.582 85
3,905,204 00
8,171,787 45
7,309,889 79
12,024,040 30
3,737,073 01
0,080,200 30
4,084,572 83
G, 504, 338 85
7,414,072 14
5,311,082 28
5,502,004 80
17,820,408 70
4,148.998 82
3,220,890 07
13,727,124 41
3.723,407 88
5,206,470 73
8,989,884 01
6,307,720 10
15,070,003 97
404,540 52
427,124 08
337,032 02
315,783 47
457,010 GO
500,113 37
738,040 15
1,103,425 50
1,755.731 27
3.309,578 48
2,033,141 02
11,292,292 00
10,704,584 20
3,428,152 87
0,832,092 48
10,200,245 35
2.800,074 90
3,580,470 20
0,452,554 16
13,807,220 30
13,310,986 74
2.845,427 53
5.103.470 03
5.543.470 89
8,098,994 46
2,405,733 10
8,009,204 05
13,001,808 01
22.279,121 15
2,451,272 57
1,998,340 88
4,449,022 45
28,082,306 02
3.503,455 22
7,505,068 22
11,108,123 44
7,900,543 04
39,190,520 30
30,127,080 38
4,503,239 04
3,307,304 90
38,028,230 32
20,053,571 00
5,754,508 63
6,874,353 71
12,028,922 35
39,582,493 35
1,410,005 00
2.242.384 02
23,373,432 53
7,213,258 09
17,657,804 24
24,871,002 03
48,244,405 51
40,877,046 04
15,454,003 02
0,389,209 81
10,041,820 31
25,423,030 12
21,290,201 02
2.305.840 82
13,808.072 78
0,010,446 74
15,270,754 88
35,104,875 40
1.040.017 00
10,300,273 44
5,103,538 11
2,540,388 18
7,703,926 20
24,004,199 73
1,000,341 85
003.718 15
13,134.530 57
5,120,097 20
3,502,397 08
8,628,404 28
21,763,024 85
10,723,470 07
5,087,274 01
3,279,821 61
2,076,370 83
8,307,003 02
19,090,572 69
044.085 15
0,827,043 51
5,172,578 24
7,848,949 12
17,076,502 03
071,003 78
0,784,154 55
15,330,144 71
4,922,084 GO
607,331 81
5,530,016 41
15,314,171 00
078,042 74
1,040,131 40
4,990,562 08
4,300,709 08
11,571,831 63
10,508,393 76
31,808,538 47
11,400,450 04
7,728,575 70
12,095,344 78
23,585,804 73
1,110,713 23
820,123 07
1,210,308 40
13,002,310 27
3,973,480 54
7,007,001 65
6,517,590 88
11,041,082 19
24,103,398 46
12,053,005 05
13,200,041 45
3,480,071 51
10,003,668 39
22,050,704 04
3,098,800 59
9,004,037 43
12,163,438 07
25,459,479 52
1,505,070 00
12,600,400 02
13,220,533 33
2,542,843 23
0,841,024 55
12,383,807 78
25,044,358 40
1,303,024 13
1,013,533 40
9,442,214 82
11,355,748 22
24,585,281 55
1,332,330 11
2,451,202 04
13,804,007 80
1,383,582 95
14,790,795 27
10,174,378 22
30,038,446 12
10,510,388 77
772,501 50
17,007,747 79
17,840,309 20
34,356,008 00
3,108,001 77
2,082,5G5 00
1,540,300 74
2,740,721 GO
2,032,428 03
3,250,808 18
22,713,755 11
303,706 87
1,239,740 51
1,543,543 38
24,257,208 40
18,425,417 25
202,152 08
57,803 08
5,074,412 21
6,170,565 19
24,601,082 44
17,514,050 28
328 20
58,191 28
17,573,141 50
30,808,104 04
*03,389 85
*3,140 32
60,500 17
30,934,064 21
37,243,214 24
21,822 91
21,822 91
37,205,037 15
32,840,718 08
14,997 54
5,590,722 73
5,005,720 27
39,455,438 35
2,021,340 20
20,400,018 72
300,834 24
10,718,153 19
11,117,087 43
37,014,936 15
* Actual payments on the public debt, but not carried into the totals because of repayments to the treasury.
88
EXPENDITURES
EXPENDITURES OF THE GOVERNMENT IN EACH YEAR FROM 1780 TO 1SG8.
Miscellaneous.
Total of ordinary
expenditures.
Interest of public
debt.
Principal of pub-
lic debt.
Total debts and
loans.
Total expendi-
tures.
1840
2,575,351 50
24,139,929 11
174,635 77
3,911,977 93
4,086,613 70
28,226,553 81
3,505,999 09
26.196,840 29
288.063 45
5,312,626 29
5,600,689 74
31.797,530 03
1842
3,307,391 55
24,301,336 59
778,550 06
7,796.989 88
8,575,539 94
32.936,876 53
1843 (six months ending June 30)
1,579,724 48
11,256,508 60
528,584 57
333,011 98
861,596 55
12,118,105 15
1844 (fiscal year endiDg June 30)
2,554,140 05
20,650,108 01
1,874,863 66
11,117.039 18
12,991,902 84
33,642,010 85
1844 ’45
2,839,470 97
21,895,369 61
1,066,985 04
7,528,054 06
8,595,039 10
30,490,408 71
1845 ’46
3,769,758 42
20,418,459 59
843,228 77
870,594 54
1,213,523 31
27,632,282 90
1846 ’47
3,910,190 81
53,801,569 37
1,117,830 22
5,601,452 15
6,719,282 37
60.520,851 74
1847-48
2,554,455 37
45,227,454 77
3,391,652 17
13,036,036 25
15,457,6S8 42
60,655,143 19
1848 ’49
3,111,140 61
39,933,542 61
3,554,419 40
12,898,460 73
16,452,880 13
56,386,422 74
1849 ’50
7,025,450 16
37,165,990 09
3,884,406 95
3,554,321 22
7,438,728 17
44.604,718 26
1850 ’51
8,140,577 33
44,049,949 48
3,711,407 40
714,947 43
4,426,154 83
48,476,104 31
1851 ’52
9,867,926 04
40,389,954 56
4,002,014 13
2.320,640 14
6,322,654 27
46,712,608 83
1852-’53
12,246,335 03
44,078,156 35
3.666,905 24
6,832,000 15
10.498,905 35
54,577,061 74
1853 ’54
13,461,450 13
51,142.138 42
3,074,078 33
21,256,902 33
24,335,980 66
75^473,119 08
1854 ’55
16,738,442 29
56,312,097 72
2,315,996 25
7,536,681 99
9,852,678 24
66,164^775 96
1855 ’56
15,200,475 94
60,533,836 45
1,954,752 34
10,437,772 78
12,392,505 12
72,726,341 57
1856 ’57
18,946.189 91
65,032,559 76
1,594,845 44
4,647,182 17
6,242,027 61
71,274,587 37
1857-58
17,847,851 19
72,291,119 70
1,652.774 23
8,118,292 81
9,771,067 04
82,062,186 74
1858 ’59
10,873,771 68
66,327,405 72
2,637,664 39
14,713,572 81
17,351,237 20
83,678T>43 92
1859 ’60
20,708,183 43
60,010,112 58
3,144,620 94
13,900,392 13
17,045,013 07
I860 ’61
16,020.574 79
62,537,171 62
4,034,157 30
18,815,984 16
22,850,141 46
85^387, 313 08
1861 ’62
14,129,771 52
461,554,453 71
13,190,324 45
96,096,922 09
109,287.246 54
570^841,700 25
15,671,890 94
689.980,148 97
24,729,846 61
181,086,635 07
205.816.481 68
895,796.630 65
] 80o-’G4
18,155,730 31
811,548,000 17
53,685,421 65
430,197.114 03
483,882.535 72
1,298.144.656 00
1864 ’65
32,070,795 17
1,212,911,270 41
77,397,712 00
607,361,241 68
684,758,953 68
I,897i674i224 09
1865 ’66
27,430,744 81
387,083,198 79
133,067,741 69
620,321,725 61
753.389,467 30
1.141,072,666 09
1866 ’07
33,975,948 40
202,947,537 42
143,781,591 91
746,350.525 94
890,132.117 85
1,093,079,655 27
1867 ’68
39,618,367 04
229,915,088 11
*147,425,196 75
692,549,685 88
839,974,882 63
1,069.889,970 74
* This amount includes $7,001,151 04 premium on treasury notes, per acts of June 30, 1864, and March 3, 1865.
Regulations for the Conversion and Transfer of Bonds at the United
States Treasury Department.
“tadt ^ reS ' ,lati0 " 8 reIati ” S ,0 the COnVer8i ° n ° f C °’ ,p ° n l>0n<,S int0 re « i5tercd *• payment of interest upon
“ the TrCaS ” y int ° b ° ndS ’ bUt b “ dS ~
Begisteied bonds aro transferable only by assignment.
Letters, relating to the exchange of coupon for registered bonds, should be addressed to the Secretary of the Treasury.
Letters, relating to the transfer of registered bonds, should be addressed to the Register of the Treasury.
Powers of attorney to draw interest should be addressed to the First Auditor of the Treasury.
The transfer books for registered bonds are closed thirty days previous to the day for the payment of interest; and holders of bonds
Ceiling the place of payment changed, must give notice to the Register one month, at least, before the day of payment
0r “ 7 "“I 9 T b ° made Payab,e * Wash! "Ston, New-York, Philadelphia, Boston, Baltimore, Cincinnati, Chicago, New-
Orleans, Charleston St. Lotus, San Francisco, Buffalo or Pittsburg, and is collected by the owner in person or by attorney.
lere are 8788,649,750 in registered bonds, nearly one half of which is held by the Comptroller of the Currency as security for the
circulation of the National Banks, and by the Treasurer of the United States, as security for public deposits. " 3
security .oT “ C ° nS ‘ anU3 ' ^ ~ ^ ““ P “" ^ on account of the better
COINAGE OF THE MINTS FROM THEIR ORGANIZATION.
91
MINT OF TIIE UNITED STATES, PHILADELPHIA.
Period.
GOLD COINAGE.
SILVER COINAGE.
Double Eagles.
Eagles.
Half Eagles.
Three dolls.
Qr. eagles.
Dollars.
Pine Bars.
Dollars.
Half dolls.
Qr. dolls.
Dimes.
Half dimes.
rieces.
Pier ex.
132,592
Pieces.
845,909
3,087,925
3,269,921
2,260,390
795,075
5,750
Pieces.
Pieces.
22,197
879,903
345,526
5,544,900
1,609,749
3,650
Pieces.
Value.
Pieces.
1,439,517
1,000
879,873
350,250
758,700
54,800
Pieces.
13,104,433
74,793,560
20,203,333
10,691.088
12,632,830
411,500
Pieces.
650,280
5,041,749
4,952,073
41,073,080
22,955,730
29,900
Pieces.
1,007.151
11,854,949
11,387,995
35,172,010
6,042,330
423,150
Pieces.
265,543
14,463,700
11.093,235
34.368,520
12,995,330
85,800
1,227,759
1,970,597
179,745
3,050
1848 to 1857
1858 to 1867
18G8
Total
8,122,526
5,740,871
188,540
223,015
66,381
4,900
15,348,608
2,360,834
10,550
§33,612,140 46
1,078,168 51
98,848 03
14,051,937
3,513,743
10,264,970
294,296
8,405,925
17,719,992
34,789,157 00
3,484,149
131,836,744
74,702,812
65,887,585
73,272,128
Period.
SILVER COINAGE.
COPPER COINAGE.
TOTAL COINAGE.
Three cents.
Bars.
Five cents.
Three cents.
Two cents.
Cents.
Half cents.
No. of pieces
coined.
Gold.
Silver.
Copper.
Total Value.
Pieces.
Value.
Pieces.
Pieces.
Pieces.
Pieces.
29,316,272
46,554,830
34,967,663
51,449,979
284,909,000
9,856,500
Pieces.
5,235,513
2,205,200
52,019,407
158,882,876
88,327,378
244,898,373
443,061,692
46,663,590
Value.
§5,610,957 50
17,639,382 50
29,491,010 00
256,950,474 46
128,169,899 65
3,864,425 00
Value.
§8,268,295 75
40,566,897 15
13,913,019 OO
22,365,413 55
14,203,259 97
314,750 00
Value.
§319,340 28
476,574 30
349,676 63
517,222 34
5,752,350 00
1,713,385 00
§14,198.593 53
58,682,853 95
43,753.705 63
279,833,110 35
148,185,509 62
5,892,560 00
1848 to 1857. ..
1858 to 1867...
1868
37,778,900
4,209,330
4,000
§32,355 55
73,552 45
6,729 94
32.574.000
28.902.000
1G, 987, 000
3,613,000
38,245,500
3,066,500
544,510
Total
41,992,230
112,637 94
61,476,000
20,600,000
41,312,000
457,054,244
7,985,223
1,033,853,316
441,726,149 11
99,691,635 42
9,128,548 55
550,540,333 08
92
COINAGE OF THE MINTS FROM THEIR ORGANIZATION,
BRANCH MINT AT SAN FRANCISCO.
Period.
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
Total
GOLD COINAGE.
Double eagles.
Pieces.
141,468
859,175
1,181,750
604,500
885,940
689,140
579.975
614,300
760.000
866,423
947,320
925,160
876.50J
901.000
696,750
11,529,401
Eagles.
Pieces.
123,826
9.000
73.500
10,000
27,800
2.000
10.000
6,000
18,000
9.000
5.000
8,700
30.500
2.000
12.500
Half eagles.
347,826
Pieces.
268
61,000
94,100
47.000
58,600
9,720
16,700
8,000
18.000
16,500
10,000
12,000
53,420
24.000
25.000
45 4,308
Tliree dollars.
Pieces.
6,000
34,500
5.000
9.000
7,000
62,100
Period.
1854.
1855.
1856.
1857.
1858.
1859.
1860.
1861.
1862.
1863.
1864.
1805.
1866.
1867-
1868.
SILVER COINAGE.
Dollars.
Pieces.
15.000
5,000
Total.
Half dollars.
Pieces.
121.950
211,000
86.000
218,000
463,0^0
693.000
350.000
1. 179.500
1.542.000
648.000
613.000
490.000
1.215.000
1.482.000
20,000
9.313,450
Quarter dollars.
Pieces.
412,400
286,000
28.000
63.000
172.000
24.000
52.000
120.000
43.000
20.000
22.000
19.000
52.000
120,000
1,433,400
Dimes.
Pieces.
Half dimes.
Pieces.
30.000
90.000
40.000
100.000
219,500
291,250
140.000
150.000
210.000
130.000
310.000
1,710,750
100.000
90.000
36.000
204,000
400.000
830.000
Bars.
Value.
$23,609 45
19,752 61
29,469 87
211,411 52
71,485 61
1,278 65
224,763 63
120,909 02
145,235 58
442.342 64
146,048 54
1,436,307 17
Quarter eagles.
Dollars.
Unparted bars.
Pine bars.
Pieces.
Pieces.
Value.
Value.
246
14,632
$5,641,504 05
$5,863 16
3,270.594 93
88,782 50
71,120
24,600
3,047.001 29
122,136 55
20,000
49,200
20,000
816,295 65
8 000
15,000
19,871 68
28,800
13,000
14,000
30,000
4.000
8,800
8,256
46,080
26,000
26,000
340,502
87,232
12,775,395 92
—
23G,G53 89
TOTAL COINAGE.
No. of pieces.
Gold.
Silver.
Total value.
Value.
Value.
280,440
$9,731,574 21
$9,731,574 21
1,470,125
20,957,677 43
$164,075 00
21,121,752 43
1,976,570
28,315.537 84
200.609 45
28,516.147 29
800,500
12.490,000 00
50,000 00
12,540.000 00
1,361,540
19,276.095 65
147,502 61
19,423.598 26
1,463,860
13,906,271 68
327.969 87
14,234.241 55
1,417.475
11.889,000 00
572.911 52
12,461,911 52
1,144.300
12,421,000 00
269, 4S5 61
12,690.485 61
2,345,000
15,545.000 00
042.978 05
16,187.978 65
2.872,173
17,510.960 00
1,040,638 68
18,551,598 68
1,869,120
19,068.400 00
468.409 02
19,536,809 02
1,775,116
18.670.840 00
474.035 58
19.144.875 58
1,929.881
18,217,300 00
723,292 64
18.940.592 64
2,351,133
18,225,000 00
780,048 54
19,005,048 54
o,0 i 2, 25U
14,250,000 00
822,000 00
15,072,000 00
26,129,483
250,474,656 81
G,G83 ? 957 17
257,158,613 98
COINAGE OF THE MINTS FROM TIIEIR ORGANIZATION.
93
BRANCH MINT, NEW ORLEANS.
/
Period.
GOLD COINAGE.
Double eagles.
Eagles.
Half eagles.
Three dollars.
Quarter eagles.
Dollars.
1838 to 1347
Pieces.
Pieces.
1,026,342
534,250
21,500
4.000
8.200
5,200
Pieces.
709,925
108,100
13,000
Pieces.
Pieces.
550,528
546,100
34,000
Pieces.
184.8 to 1857
730,500
47.500
24.500
4,350
9,600
24,000
1,004,000
1859
1801
810,450
1,599,492
831,025
24,000
1,130,628
1,004,000
_
Period.
SILVER COINAGE.
TOTAL COINAGE.
Dollars.
Half dollars.
Qr. dollars.
Dimes.
Half dimes.
Three cents.
Bars.
No. of pieces.
Gold.
Silver.
Total coined.
1838 to
1847
Pieces.
59.000
Pieces.
13,509.000
Pieces.
3,273,600
Pieces.
6,473,500
Pieces.
2,780.000
Pieces.
Value.
28,390,895
43,528,950
Value.
Value.
88,418,700 00
12,881,100 00
Value.
$23,608,065 00
35,815,350 00
1848 to
1858...
1857
40,000
21,406,000
4.614.000
4.912.000
2.212.000
828,000
4,556,000
5,690,000
8,170j000
720,000
y 1 •*, iOJjOOO
22,934,250
1859.. .
1800.. .
1861...
200,000
280,000
395,000
I 1 OjUUlJ
544.000
388.000
1,540,000
440.000
370.000
2. 040.000
1.060.000
1,060,000
25,422 33
16,818 33
10,226,000
7,184,500
4,322,550
1,315.000
530.000
169.000
2,942,000 00
3,223,996 37
1,598,422 33
825,818 33
4,257,000 00
3,753,996 57
1,767,422 33
—
1,069,818 33
■
Total
974,000
47,481,000
10,177,600
14,513,500
15,619,000
720,000
377,237 13
94,890,695
40,381,615
29,890,037 03
70,271,652 03
BRANCH MINT, DENVER.
Period.
Unparted silver bars.
Unparted gold bars.
Value.
Value.
$486,329 97
545,363 00
159,917 76
130,559 70
360,879 26
Total
1,683,049 60
23
94
COINAGE OF TI1E MINTS FROM TIIEIR ORGANIZATION.
BRANCH MINT, HAIILONEGA, GEORGIA.
GOLD COINAGE.
Period.
Half eagles.
Three dollars.
Qr. eagles.
Dollars.
Total.
Total.
1838 to 1847
1848 to 1857..-.
185S
1859
1860
1861
Pieces.
576,553
478,392
19,256
11,404
12,800
11.876
Pieces.
1,120
Pieces.
134,101
60,605
900
G42
1,602
Pieces.
60 897
1,637
6,957
1,472
1,566
Pieces.
710,654
601,014
21,793
19.003
15,874
13,442
Value.
§3,218.017 50
2,607,729 50
100,167 00
65,582 00
69,477 00
60,946 00
Total
1,110,281
1,120
197,850
72,529
1,381,780
6,121,919 00
BRANCH MINT, CHARLOTTE, N C.
Period.
GOLD COINAGE.
Half eagles.
Qr. eagles.
Dollars.
Total.
Total.
1838 to 1847...
1848 to 1857. ..
1858
1859
1860
1861
Pieces.
269,424
500,872
31.000
39,500
23.005
14,116
Pieces.
123,576
79,736
9,056
7,469
Pieces.
103,899
5,235
Pieces.
393,000
684,507
40,122
44.733
30,474
14,116
Valve.
§1.656.060 00
2.807.599 00
177,970 00
202.735 00
133 697 50
70,580 00
Total
877,983
219,837
109,134
1,206,954
5,048,641 50
:™^iTsT; s 7s BES ™ THE CLOSE OF THE
Mints.
Commencement of
coinage.
Gold coinage.
Silver coinage.
Copper coinage.
Entire coinage.
1793
Value.
§441.904,870 50
250,474.656 81
40,381,615 00
5.048,641 50
6,121,919 00
163,901,963 17
1,683,049 69
Value
$90,702,984 74
6,683,957 17
29,890,037 13
Vnln.fi.
$9,128,548 55
Pieces.
1,033,853,686
26,129,483
94,890,695
1,206,954
1,381,780
Value.
§541,736.403 79
257,158.613 98
70,271,652 13
5.048,641 50
6,121.919 00
167,132,477 75
1,683,049 69
Philadelphia
1854
Sail I ran cisco • • • • *
New Orleans (Jan. 31, 1865)
1838
1838
1838
1854
3,230,514 58
1863
909,516,715 67
130,507,493 62
9,128,548 55
1,157,462,598
1,049,152,757 84
INDEX.
BONDS, Description of, illustrated
$50 Five-Twenties, old issue, Coupon
$100 Five-Twenties, old issue, Coupon
$500 Five-Twenties, old issue, Coupon
$1,000 Five-Twenties, old issue. Coupon
$1,000 Sixes of 1881, Coupon
$500 Sixes of 1881, Coupon
$100 Sixes of 1881, Coupon
$50 Sixes of 1881, Coupon
$10,000, $5,000, $1,000, $500, $100, and $50, Sixes of 1881, Registered
$1,000 Ten-Forties, Coupon
$500 Ten-Forties, Coupon
$100 Ten-Forties, Coupon
$50 Ten-Forties, Coupon :
$5,000 Ten-Forties, Registered
$10,000 Ten-Forties, Registered
$1,000 Ten-Forties, Registered
$500 Ten-Forties, Registered
$100 Ten-Forties, Registered
$50 Ten-Forties, Registered *
$10,000, $5,000, $1,000, $500, $100, and $50 Registered Five-Twenties of 1804 — supplementary.
27-86
27
28
28
28
28
20
29
29
29
30
30
30
30
30
30
31
31
31
31
31
INDEX.
96
No. Page.
27-36
BONDS, Description of, illustrated 22
$10,000 Registered Five-Twenties of 1865 — supplementary ^
All other denominations Five-Twenties of 1865 — supplementary ^
$1,000 Coupon Five-Twenties of 1865 — supplementary ^
$500 Coupon Five-Twenties of 1865 — supplementary ^
$100 Coupon Five-Twenties of 1865 — supplementary g^
$50 Coupon Five-Twenties of I 860 — supplementary ^ gg
$1,000, $500, $100, and $50 Coupon Five-Twenties of 1864 '
$10,000 Registered Five-Twenties of 1864 gg
$5,000 Registered Five-Twenties of 1864 gg
$1,000 Registered Five-Twenties of 1864 gg
$500 Registered Five-Twenties of 1864 gg
$100 Registered Five-Twenties of 1864 ^
$50 Registered Five-Twenties of 1864
$1,000 Coupon Five-Twenties of 1865, 1867 and 1868 — consolidated ^
$500 Coupon Five-Twenties of 1865, 1867 and 1868 — consolidated, ^
$100 Coupon Five-Twenties of 1865, 1867 and 1868 — consolidated ^
$50 Coupon Five-Twenties of 1865, 1867 and 1868— consolidated
$10,000 Registered Five-Twenties of 1865, 1867 and 1868 consolidated
$5,000 Registered Five-Twenties of 1865, 1867 and 1868 consolidated ^
$1,000 Registered Five-Twenties of 1865, 1867 and 1868 consolidated ^
$500 Registered Five-Twenties of 1865, 1867 and 1868 — consolidated ^
$100 Registered Five-Twenties of 1865, 1867 and 1868— consolidated
$50 Registered Five-Twenties of 1865, 1867 and 1868— consolidated ^
$1,000, $5,000, and $10,000 Pacific Railroad °
Casilear’s Method of Preventing the Alteration or Addition of figures or numbers on - ^
Regulations for the Conversion and Transfer of, at the United' States Treasury Department, and for the payment of
_ I o
Interest on Registered,
INDEX.
97
No. Pack.
COUNTERFEITS, Art of Detecting 23-26
Vignettes 24
The Round Hand 24
Parallel Ruling 24
Geometrical Lathe Work 25
Existing > 25, 26
COUPONS, Counterfeit, 26
GOVERNMENT SECURITIES, History of. 5-20
(Bonds.) Loan of 1842 5, 6
Loan of 1847 14
Loan of 1848 6
Loan, Texas Indemnity 6
Loan of 1858 7
Loan of 1860 7
Loan, Oregon War 7, 8
Sixes of 1881, First Series 8
Sixes of 1881, Second Series 8, 9
Sixes of 1881, Third Series 9
Ten-Forties ! 10
Five-Twenties of 1862 10, 11
Five-Twenties of 1864 11, 12
Five-Twenties of 1865 12, 13
Five-Twenties of 1865 — “consols.” 13
Five-Twenties of 1867 — “consols.” „.13
Five-Twenties of 1868 — “consols.” 13
Pacific Railroad, 19, 20
Central Pacific Railroad Company 20
Union Pacific Railroad Company • 20
Kansas Pacific Railroad Company (late Union Pacific, Eastern Division) 20
25
98
INDEX.
GOVERNMENT SECURITIES, History of, continued
(Bonds.) Central Branch Pacific Railroad (late Atchinson and Pike’s Peak).
Sioux City and Pacific Railroad.
Certificates, Gold
of Indebtedness
Three per cent
Old Funded and Unfunded Debt
Postal and Fractional Currency..
Temporary Loan
Treasury Notes
Acts of July 22, 1846, and January 28, 1847
Act of December 23, 1857
Act of December 27, 1860
Act of March 2, 1861
Act of March 3, 1863
Compound Interest
Seven and three tenths
United States Notes
INTERNAL REVENUE STAMPS
Beer .
Cigar
Distilled Spirits
INTRODUCTION
LEGAL TENDERS
NATIONAL BANKS, The System of.
PUBLIC DEBT, Official Statement of.
STATISTICS, Tables of.
Public Debt of the United States in each year from 1791 to 1869
Public Debts of various Nations
No. Page,
...5-20
20
20
.17, 18
16
17
19
19
.16, 17
..14-16
14
14
.14, 15
15
15.
16
...15, 16
18
36
36
36
36
1-4
...70, 71
...67-69
...73, 74
...79-94
79
79
INDEX.
99
No. Pack.
STATISTICS, Tables of, continued : 79-94
Tabular Statement, showing when the Public Debt of the United States can be paid, with Estimates of Population, Expenses,
and Taxes 80
Revenue of the United States Government in each year from 1789 to 1868 81-84
Expenditures of the United States Government in each year from 1789 to 1868 85-88
Exports and Imports of the United States in each year from 1790 to 1869 89
Index to Coins and Coinage.
AMERICA 42-44
Coins of the Period of the Confederation 43, 44
Federal Coinage 44, 45
Federal Coinage, Gold 45-47
Federal Coinage, Silver 47-55
Massachusetts 41, 42
Jenks, Joseph, Coiner of the Pine Tree Shilling 65, 66
Washington Cent 42
Virginia 42
Rosa Americana 42, 43
AUSTRIA 55, 56
BELGIUM 56, 57
COINAGE of the United States Mint and Branches, from their organization 90-94
Of the United States Mint, Philadelphia 91
Of the Branch Mint at San Francisco 92
100
INDEX.
. No. Page.
COINAGE of the United States Mint and Branches, from their organization, continued 90-94
Of the Branch Mint at New-Orleans 93
Of the Branch Mint at Denver 93
Of the Branch Mint at Dahlonega, Ga 94
Of the Branch Mint at Charlotte, N. C 94
Summary Exhibit of. 94
COINS AND COINAGE 37-66
Ancient 3 / -40
Modern 41-65
CHILI 64,65
DENMARK 61
FRANCE 57
GREAT BRITAIN 57-59“
Victoria 59
GREECE 60, 61
JAPAN 65
MEXICO 63, 64
NETHERLANDS 56
PORTUGAL * 55
RUSSIA 59, 60
SOUTH AMERICA 64
SPAIN 55
SWEDEN 61-63
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